The owner of the Revolution bar chain has closed 21 venues and sold the remaining 41 after falling into administration.

Revel Collective confirmed the closures after putting itself up for sale in October following what it described as “a continued period of external challenges”. 

Of its 62 sites, 14 Revolution bars, six Revolucion de Cuba venues and one Peach Pub have shut with immediate effect. Administrators FTI Consulting said deals had been struck to save 41 sites.

The Revolution and Revolucion de Cuba brands have been sold to Neos Hospitality Group, while the remaining Peach Pubs business has been acquired by the newly formed Coral Pub Company. 

Revel Collective has blamed “challenging economic conditions” and measures introduced in Labour’s first Budget, including higher national insurance contributions and a rise in the minimum wage, for the decline of its business.