Revel Collective says the review follows a ‘continued period of external challenges’ that have impacted its business and trading performance. As well sale of the entire company, Revel Collective’s brands could be sold on a piecemeal basis, with a view to deliver the greatest financial return to all stakeholders.
Revel previously launched a formal sales process in April 2024, with Nightcap among the parties involved in discussions. However, its offer was rejected. Instead, the group pursued a restructuring plan, which involved raising £12.5m in equity, exiting loss-making sites, and amending its lending facilities.
Despite a satisfactory performance from Peach Pubs, overall group revenue for the first quarter of its current financial year dropped 7.4% to £26.3m, primarily due to a 10.5% reduction in like-for-like sales in the group’s bar business.
The group says its expects significant sales and profit from the key festive trading period but given the quieter months in January and February, forecasts indicate that in order to remain within its banking limits, the company would require additional funding at some point in the new calendar year.