Revolution Bars Group plc, the leading operator of 72 premium bars trading across the UK under the Revolution and Revolucion de Cuba brands, has confirmed that the CVA has been approved.
At a meeting of creditors, over 88% of all creditors voted in favour of the proposal (75% approval required). Over 75% of the unconnected creditors voted in favour of the proposal (50% approval required).
The estate includes 51 Revolution branded leasehold bars. Following the approval of the CVA, six bars will be sold. Reduced rental terms have been agreed in respect of seven other bars that are now subject to turnover-based rents with minimum rental thresholds for the duration of the two year CVA period.
In accordance with the relevant statutory provisions, there is a 28-day period, following the filing of the report by the chair of the meeting, in which a creditor may apply to court to challenge the CVA.