- Revolution Bars Group, which operates brands like Revolucion de Cuba, has announced its intention to appoint administrators.
- This move comes despite ongoing and "well-advanced" discussions regarding a potential sale, with a notice filed to protect creditors.
- The company had previously put itself up for sale in October last year following a deepening cash crisis and a significant slump in sales.
- A major restructuring in 2024 involved shutting 15 unprofitable bars, but these revamp plans ultimately failed to improve performance.
- The firm cited weaker-than-expected revenue, attributed to younger customers reducing their spending and warm weather, leading to a 7.4 per cent drop in revenues and increased debts.
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