Two bars in Aberdeen and another in Inverness may be put up for sale, the owner has revealed.
London-listed operator Revolution Bars Group has mooted a sale of part or all of the group.
Responding to “recent press speculation”, Revolution said it had faced a period of external challenges which have impacted its business and trading performance.
Revolution says all options open
The board is “actively exploring all the strategic options available” in an attempt to improve future prospects.
Revolution added: “These include a restructuring plan for certain parts of the group, a sale of all or part of the group and any other avenue to maximise returns for stakeholders.
Bar firm working on fundraising plan
“The company also confirms it is currently engaged with key shareholders and other investors including Luke Johnson in respect of a fundraising.”
Mr Johnson is a former chairman of the Pizza Express chain, the Royal Society of Arts and Channel 4.
Further announcements by Revolution will be made “as appropriate”.
The group stressed it was not currently in talks with, nor in receipt of an approach from, any potential suitor.
There are Revolution bars on Belmont Street in Aberdeen and Church Street in Inverness. The Academy Centre’s courtyard is home to one of the group’s Revolucion de Cuba cocktail bar and restaurants.
Revolution’s younger customers hit hardest by higher cost of living
Revolution slashed its annual outlook earlier this year.
It said younger customers were being disproportionately hit by the cost-of-living crisis.
And earlier this week Sky News claimed Revolution may shut around 20 bars, about one-quarter of its total.
A source told Sky the closure plan could result in “hundreds” of redundancies.
Revolution was founded in 1991, when two friends – Roy Ellis and Neil Macleod – opened a small bar in Ashton-under-Lyne, Manchester.
The group now operates about 90 venues, employing more than 3,000 people, across the UK.
But in a trading update in January the company said it was shutting eight of its least profitable bars to mitigate losses.
Younger patrons feeling the pinch
Chief executive Rob Pitcher added: “Our younger customers are still feeling the disproportionate effect of the cost-of-living crisis and the national living wage will increase materially in April 2024.
“Therefore, we have taken the difficult yet ultimately beneficial step for the group to close several bars which are unprofitable.”
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