The group, which operates bars and gastropubs under the Revolution, Revolución de Cuba and Peach Pubs brands, said the decision came further to the announcement on 19 December, and following discussions with its secured lender.
In its pre-Christmas update, The Revel Collective said it had been pursuing a formal sale process to identify an acquirer or acquirers for the business. It followed an announcement in October that it was launching a strategic review of options, including a formal sales process following a ‘continued period of external challenges’.
In December, The Revel Collective confirmed that a number of credible parties were actively engaged in diligence and discussions with the group.
“Those discussions are well advanced, and the board anticipates a further announcement in the coming days,” it said today (26 January) in a statement.
“Since the transactions being contemplated are not expected to deliver any return to shareholders the board has resolved to take action to protect creditors.
“Unless circumstances change, and in accordance with statutory requirements, the Board intends to appoint administrators within 10 business days.”
The Revel Collective said that the business would continue to trade, and that it will continue to work alongside advisers in order to preserve as much value as possible for all stakeholders as it advances a potential sale of all or part of the business.
