Major bar chain puts itself up for sale after closing 15 locations

They've cited 'cost of living pressures' as the reason for the changes

The company that owns highstreet bars Revolution, Revolucion de Cuba and the Peach Pubs brands, have said that cost-of-living pressures on its younger customer base were behind the decline in sales.

On Friday, shareholders at The Revel Collective were reportedly told that advisors have been hired to launch a strategic review into their recent difficulties with funding.

They will look into other options available for raising revenue, to help the brand carve out a future.

While no current discussions with potential parties or investors are currently ongoing, part of the process will include a formal sales process.

This latest setback for the group formerly known as Revoultion Bars follows a large-scale restructuring last year, in which 15 "unprofitable" bars were shut.

Per Wales Online, business leaders at The Revel Collective made a statement on Friday, that detailed how “challenging economic conditions” worsened by “government interventions in the last budget” have thwarted their financial recovery.

They added: "Action taken to reduce costs and increase margins has not been sufficient to mitigate the negative impact of the autumn budget changes to the employer NICs threshold, minimum wage and duty on spirits."

They also reportedly provided some statistical details on the drop in sales.

In the past three months, revenues dropped by 7.4%, falling to just £26.3 million.

Debts have risen to £25.3 million, an increase of over £3 million since the end of June.