Lindsay Hallam, Matthew Callaghan and Oliver Wright of FTI Consulting were appointed joint administrators of the company, and completed two sale transactions for the business and assets of the group.
They include a sale of Revolution, Revolución de Cuba and Founders & Co brands to Neos Hospitality, and a sale of Peach pubs to Coral Pub Company, operated by Ted Kennedy.
The transactions secure the continuation of 20 Revolution, Revolución de Cuba and Founders & Co bars, and 21 Peach pubs. Some 1,582 jobs across the sites and central support function are also protected.
A further 14 Revolution bars, six Revolución de Cuba sites and one Peach pub were not part of the transaction and have closed with immediate effect, impacting 591 employees.
FTI said The Revel Collective has “faced a sustained period of challenging economic conditions including subdued consumer confidence, particularly amongst the younger guest, and the cumulative impact of changes to employer NICs thresholds, minimum wage increases and duty on spirits, all of which have had a detrimental impact on trading”.
Ted Kennedy is formerly the managing director of Whitbread’s managed pub division. He previously operated a 200-strong GRS Pubs estate, as well Bramwell Pub Company.