There's some good news for Manchester-based Revolution Bars Group as more than 88% of creditors have voted in favour of their proposals for a CVA (company voluntary arrangement), passing the 75% threshold required.
Six branches, from Revolution's 51 bars nationwide, will now be closed permanently, whilst seven others have seen their rents reduced as part of a new turnover-based rents agreemement for the next two years.
The company, which has net bank debts of £13.5m, and is currently haemorrhaging £400,000 per week during Lockdown, has agreed to pay £1.3m of outstanding rents and service charge arrears on the 20th November 2020.
~ Advertisement ~
A statement from the group, which started in Ashton-under-Lyne in 1991, said that "this is a positive step in the right direction for the business. However, whilst we welcome the support Government has given, the hospitality sector has been severely affected by their often illogical, inappropriate and disproportionate response to the coronavirus pandemic."
It is not yet known which branches are for the chop, however the company closed their loss-making Fallowfield bar - one of their oldest - in January 2020.
