Bar chain Revolution is exploring rescue choices on account of the newest restrictions positioned on hospitality.
The corporate, which is headquartered in Ashton-under-Lyne, mentioned it’s contemplating ‘all mandatory choices to make sure that its enterprise stays viable’ after a 10pm curfew got here into pressure yesterday.
One possibility being thought-about is an organization voluntary association (CVA) to cut back money owed, which may see a few of its bars shut down.
Solely 39 of its 74 bars have reopened post-lockdown, which incorporates its three cocktail bars in Manchester metropolis centre.
In an announcement to the London Inventory Change, Revolution mentioned it had raised money from buyers and prolonged loans, however that the brand new restrictions have ‘exacerbated’ an already difficult commerce.
They mentioned: “Additional to the persevering with difficult buying and selling surroundings and exacerbated by the additional Covid-19 associated restrictions introduced by the Authorities earlier this week, the board of Revolution confirms that it has been working with advisers to evaluate numerous strategic choices for the group.
“Revolution has a powerful stability sheet following the £15 million fairness fundraising and the extension of its banking services introduced in June however the board believes that the long-term nature and potential affect of the newest working restrictions implies that it should take into account all mandatory choices to make sure that its enterprise stays viable.”
No choice has been made but as to the corporate’s future.
Some 2,775 of its workers have been furloughed throughout lockdown.
Revolution was launched in 1996 and has since launched its sister model Revolucion de Cuba.