Revolution in Coney Street, York, could be under threat

Revolution in Coney Street, which is part of the Revel Collective group, is at risk after its parent company announced plans to appoint administrators amid ongoing financial difficulties and a decline in sales.

The Revel Collective, which also owns Revolución de Cuba and Peach Pubs, filed a notice to appoint administrators “to protect creditors”, however they have added that a potential sale of the business is “well advanced”.

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The company, chaired by former Pizza Express boss Luke Johnson, began a sale process in October after sales slumped and a cash crisis worsened.

In a statement issued on Monday, the group said: “Since the transactions being contemplated are not expected to deliver any return to shareholders, the board has resolved to take action to protect creditors.

“The business will continue to trade and the company 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 parts of the business.”

In 2024, the company shut 15 unprofitable bars, however despite the changes, revenues continued to fall, dropping 7.4 per cent to £26.3 million in the three months to September, driven by a 10.5 per cent like-for-like decline in its bars business.

The Revel Collective said it expects to appoint administrators within 10 business days unless circumstances change.

The company traded from around 62 sites and employed just over 3,000 workers as of the end of June 2024.

Bosses at the firm said in October that revenue has been weaker than expected as younger customers reined in their spending and due to warm weather over the summer.