Revolution Bars has confirmed it is to permanently close six venues as part of a major restructure.
The chain announced on Friday that its company voluntary arrangement restructure proposal had been approved.
The company said 88% of its creditors, which include landlords, approved the Revolution Bars Ltd proposal, which will also see rents reduced at seven of its other bars.
Two London sites, America Square and Clapham High Street, are to close, along with bars in Birmingham, Sunderland, Bath and Solihull.
Several sites are to close
Revolution BarsRevolution Bars, which employs around 2500 people and had 73 venues to date, will see its sites at Clapham Junction, Putney, Richmond, Bristol, Reading, Cheltenham and Stafford move onto turnover-based rental agreements.
The company said the restructuring will have a one-off cost of around £1.1 million. It is expected to save the business around £4 million over a two-year period.
The chain saw trade hammered by the recent 10pm curfew and local lockdowns. All its sites are currently shut until December 3 under the latest lockdown.
Chief executive Rob Pitcher said the move was "a positive step in the right direction for the business".
But the boss called for further clarity from Government to help hospitality companies going forward.
He said: “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% 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 .”
The company also said its chief financial officer, Mike Foster, will not seek re-election at its annual general meeting in December.
sHe will be replaced by former Footasylum finance boss Danielle Davies, who joined Revolution in July this year.
Shares in the company were up 9.4%, at 17.5p, after the update.
