Popular bar chain to close 11 venues forever TODAY as 25 more face axe
A POPULAR bar chain is set to close 11 venues today as 25 more face the axe.
Revolution Bars Group will close 11 venues today as part of a major overhaul of their operations.
The chain’s bar on Deansgate Locks in Manchester city centre will close for the final time today, along with venues in Blackpool and Chester.
This is the full list of 11 locations which are confirmed to close on August 11:
- Blackpool
- Chester
- Deansgate Locks, Manchester
- Edinburgh, Scotland
- Inverness, Scotland
- Leadenhall
- Loughborough
- Norwich
- Hockley, Nottingham
- Stafford
- King Street, Wigan
In April bosses at Revolution announced plans for a major restructure of the company.
The company, like many across the UK, has struggled to cope with rising rents and the cost of living crisis.
In March, the bar group launched a formal sale process citing a drop-off in the number of customers spending money in their bars.
The chain also had its shares suspended from the London Stock Exchange in April after it delayed publishing its financial results.
Shares jumped 40% after the suspension was lifted.
In 2016 the chain underwent a major overhaul, shifting away from the student scene toward the gastropub market.
What is happening in the hospitality industry?
Food and drink chains in general have been suffering as the cost of living has led to fewer people spending on eating out.
Businesses had been struggling to bounce back after the pandemic, only to be hit with soaring energy bills and inflation.
Multiple chains have been affected, resulting in big-name brands like Wetherspoons and Frankie & Benny’s closing branches.
Some chains have not survived, Byron Burger fell into administration last year, with owners saying it would result in the loss of over 200 jobs.
Pizza giant Papa Johns has announced plans in recent months to shut down 43 of its stores.
Tasty, the owner of Wildwood, said it will shutter the sites as part of major restructuring plans.
The brand also announced plans to close 20 loss-making restaurants after a “challenging” start to the year.
Britain’s biggest pub company, Stonegate, has raised fears about its survival as it races to plug its debts.
Stonegate owns 4,432 sites across the UK under the Slug & Lettuce, Be at One, Sports Bar & Grill brands and 350 traditional style pubs under its “Proper Pubs” banner.