UK-based operator of premium pubs and bars Revolution Bars Group has received High Court approval for a restructuring plan to avoid the company's collapse.

The plan follows a significant downturn in late-night trade post-pandemic, necessitating the closure of 15 bars.

The approved restructuring will see Revolution Bars Group streamline its operations to a portfolio of 65 sites: 27 Revolution bars, 15 Revolución de Cuba bars, 22 Peach Pubs and one Founders & Co site.

The move is part of a broader strategy to stabilise the company's financial position and secure its future.

In early 2024, Revolution Bars Group explored the possibility of a sale and received an offer from competitor Nightcap.

But the company declined the proposal, opting instead to implement its restructuring plan bolstered by £12.5m in emergency funding.

Its board anticipates that the plan will result in a substantial annual EBITDA [earnings before interest, taxation, depreciation and amortisation] improvement of £3.8m.

Revolution Bars Group CEO Rob Pitcher said: “The group is now well-diversified across the key brands, providing a more secure financial base, and we look forward to the future with improved optimism.

“We know this has been a very difficult period for all of our teams both in our sites and in our support office and I’d like to thank them for their support and resilience.

“I would also like to thank the group’s wider stakeholders for their support, including our secured lender, current shareholders, our new and existing shareholders who have participated in the fundraising and all our advisors, who have assisted us in the development of the plan.”

In January 2024, Revolution Bars Group decided to close six venues across England due to the ongoing cost-of-living crisis, which continues to impact its younger customers.

The company announced the closure of locations in Beaconsfield, Derby, Reading, St Peters, Liverpool and Wilmslow, all of which were unprofitable.