Edinburgh’s Revolution pub on Chambers Street is likely to be closed.
Shares in the Revolution Bars have fallen by nearly 70 per cent over the last six months and Revolution Bars lost over £22m in the year to the end of June 2023.
In a statement released on 26 March, the group blamed ‘external factors’ for its struggles.
On 2 April, the Revolution Bars Group, which owns the Revolution pub on Chambers Street, suspended its shares, as executives entered talks with investors in order to save the company.
This comes in light of reports that Revolution Bars Group was drawing up plans to close roughly 20 of its worst-performing bars.
The AIM (Alternative Investment Market)-listed chain’s shares were suspended from the junior market on April 2 2024 after it failed to publish its financial results.
Suspension from trading will be lifted when the missing results are published.
In a statement Revolution Bars Group said “the Company continues to evaluate all the options available to it, including engaging with key stakeholders and potential investors with respect to a fundraising.”
If investors are found, it is possible that the Revolutions’ chain could be saved.
In their most recent end of financial year report, Revolution Bars described their target demographic, students, as being “hit hardest during the cost of living crisis”.
The consumer research group Mintel describe young people as “sober curious”, and report that nearly one third of people aged 18-24 currently do not drink alcohol at all, while those that do treat drinking as an occasional treat.
When asked if they went to Revolutions, one student replied: “Nah – never heard of it”
Another answered: “What is that? Is it in Edinburgh?”
When told the bar was in danger of being shut down, they commented that “no-one knows what it is.”
Image via Sam Marks