Revolution Bars Group has confirmed the locations of the six bars it plans to close as part of a CVA of its subsidiary RBL.
The popular bar and restaurant chain 鈥 which has 50 sites under RBL 鈥 announced plans to close the sites, putting 130 jobs at risk, as well as seeking reduced rents at seven others, having earlier called in business advisors to help it get fit the future.
Now the group, which is turning to creditors for help after seeing the Government鈥檚 10pm curfew slash sales by more than a third, has confirmed the venue earmarked for closure are in Sunderland, London鈥檚 America Square, Birmingham, Bath, Clapham High Street and Solihull for closure.
The seven bars where RBG is insisting on reduced rents are based in Clapham Junction, Putney, Richmond, Bristol, Reading, Cheltenham and Stafford.
The company said its subsidiary, Revolution Bars Limited, is to set up a company voluntary arrangement (CVA) as it tries to slash costs.
Creditors will vote on November 13 to accept the deal.
Revolution Bars鈥 comparative sales had been bouncing back before the curfew was put into place, reaching nearly 78% of last year鈥檚 levels in the three weeks before the restriction was introduced.
However, since then sales have fallen to less than half of last year鈥檚 levels, at 49.4%.
If the CVA proposals are accepted, the group estimates that its annual cash flows will improve over the next two years by approximately 拢2m a year.
The CVA will not affect the ordinary course operations of the rest of the group, which continues to trade as a going concern.
Chief executive Rob Pitcher said: 鈥淭he CVA proposed by the group鈥檚 Revolution Bars Limited subsidiary entity, if agreed by landlords, is another proactive step to lower outgoings to help safeguard the future of the group and improve long-term performance.鈥
The company said it expects the important Christmas period to be 鈥渟everely compromised鈥 and that it will not be possible to return to 鈥渘ear normal levels鈥 before spring at the earliest.
Mr Pitcher added: 鈥淭hroughout this extended period of distress caused by Covid-19, the group has sought to prioritise the health and wellbeing of its staff and customers, minimise its cash consumption, maintain good levels of liquidity to ensure its ongoing viability, and to be in a position to take advantage of opportunities that may arise once restrictions are lifted.鈥
