A leading pub chain with dozens of venues has fallen into administration mere days before Chancellor Rachel Reeves’s announcement of rescue plans to save the sector.
The Revel Collective, which manages 62 pubs across the UK, has filed for administration in a move that places 3,000 jobs at risk.
Previously, the pub chain had warned against the Labour Government’s tax raid on businesses, including the hike to National Insurance and the minimum wage
Some 62 venues are at risk of closure with this latest development, which includes more than 20 locations attached to the Peach Pubs brand.
A popular pub chain has filed for administration ahead of the Chancellor’s speech
|
GETTY
Bosses of The Revel Collective also own popular hospitality chains, such as Revolution bars and Revolucion de Cuba.
Previously known as Revolution Bar Group, the hospitality chain has posted an estimated £36million in losses in the last four years.
In a statement, The Revel Collective 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.
“Unless circumstances change, and in accordance with statutory requirements, the board intends to appoint administrators within 10 business days.
Government have been urged to protect pubs as a cultural staple of British life | GETTY“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,” the group added.
THIS IS A BREAKING NEWS STORY…MORE TO FOLLOW
