Emma The Revel Collective to file notice to appoint administrators
The Revel Collective, the operator of 62 venues trading under the Revolution, Revolución de Cuba and Peach Pubs brands has filed a notice of intention to appoint administrators.
The company stated: “As noted, the board has been actively pursuing the formal sale process to identify an acquirer or acquirers for the business. Those discussions are well advanced, and the board anticipates a further announcement in the coming days. 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 ten business days. 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. Further announcements will be made as appropriate. Trading in the company’s ordinary shares on AIM remains suspended pending further notice. It is considered very unlikely that trading will be restored ahead of administrators being appointed.”
