Revolution Bars’ plans to close a number of sites through a CVA have been backed.
The company – a subsidiary of Revolution Bars Group – is looking to reduce the size of its estate and rental cost base, as well as improve profitability and return on capital.
It outlined proposals last month to exit six sites and secure “materially improved” rental terms for seven others.
The process has now been approved.
Chief executive Rob Pitcher said: “I’m grateful for the support of our creditors in approving the CVA of Revolution Bars, providing the opportunity for the business to move forward with much greater certainty for all its stakeholders.
“This is a positive step in the right direction.
“To plan ahead, we still require guidance on how the sector can ultimately exit the current restrictions in a safe and timely manner. With phase one of the vaccine rollout potentially commencing in December and set to protect 99 per cent of the UK’s at-risk population, we have some potential indication of a timeline to normality which will save jobs and allow us to resume delighting our customers again.”
Following the successful completion of the CVA process, chief financial officer Mike Foster has indicated that he will not seek re-election at the group’s upcoming AGM on 22 December 2020 and will step down from the board.
Danielle Davies is set to succeed him having joined in July 2020 as part of Revolution’s long-term planning process.