London-based cocktail bar and restaurant group Drake & Morgan’s creditors have approved a company voluntary arrangement (CVA) – with 90% voting in favour of proposals.
The Bowmark capital-backed group, a business operating 22 venues across London, Manchester and Edinburgh, announced the proposal – which will result in the closure of the Allegory and the Listing, in London as well as the Refinery in Spinningfields, Manchester – last month (May).
The firm said all team members in affected sites would be offered alternative roles within the business.
“We wish to thank our landlords, suppliers, business partners and other creditors for their support,” Jillian MacLean, founder and CEO of Drake & Morgan said.
Revolution Bars Group is poised to emerge from the pandemic in a ‘strong position with a fit for purpose balance sheet’ following a successful £21m fundraise.
Exciting prospect : With the encouraging progress of the vaccination programme, clarity in the timetable to reopening, and the additional financial support measures announced by the Chancellor, the light at the end of the tunnel is getting brighter, Revolution s Rob Pitcher said Nationwide operator Revolution Bars Group has announced plans to reopen 20 sites for outdoor guests in April ahead of the resumption of trade across its full estate a month later.
Though the Group said the reopening dates set out in the Government’s lockdown roadmap were later than hoped for, it revealed that it planned to open 20 sites for outdoor trading on 12 April in keeping with the plan’s conditional dates.
Punch purchases seven-pub package from Heartstone Inns
As reported by
The MA in January, the operator of about 1,250 pubs across England, Scotland and Wales, completed the acquisition of seven pubs from Heartstone Inns.
Established in 2007, Heartstone Inns will continue to operate its remaining eight pubs following the sale of seven sites in the south-west to Punch.
“We are pleased to welcome these seven wonderful pubs into the Punch family and look forward to working together with our new publicans and their teams,” Punch chief executive officer Clive Chesser said.
“We would like to thank Heartstone Inns, who have been working closely with us to ensure a smooth transition for everyone. We have plans to invest in all seven pubs during 2020, providing them with industry-leading support to allow them to flourish, while ensuring they continue to operate at the very heart of their local communities. We will provide further updates as these plans progress, but in