Just hours after Swansea Bay News revealed that the co‑owner of Founders & Co was preparing to file for administration, administrators have confirmed that the Wind Street venue will continue operating after being snapped up by Neos Hospitality Group.
The deal comes after The Revel Collective — formerly Revolution Bars Group — entered administration this week, triggering the immediate closure of 21 venues across the UK and putting almost 3,000 jobs at risk.
Neos swoops in to rescue Founders & Co
Administrators FTI Consulting announced that Neos Hospitality has acquired the Revolution, Revolución de Cuba and Founders & Co brands, securing 20 trading sites across the UK.
Neos already operates 19 venues, including the Bonnie Rogues brand — which also has a presence on Swansea’s Wind Street — meaning Founders & Co will now sit alongside a growing portfolio of bars and nightlife destinations.
The acquisition protects 1,582 jobs, including staff at Swansea’s Founders & Co.
Neos has also signalled ambitious expansion plans, including transforming the former Tiger Tiger site in London’s Haymarket into a major new hospitality destination later this year.
But 21 venues shut and nearly 600 jobs lost
While the rescue deal secures the future of Founders & Co, the wider Revel Collective collapse has left a trail of closures.
Administrators confirmed that 14 Revolution Bars, six Revolución de Cuba sites and one Peach Pubs venue have shut with immediate effect, resulting in 591 redundancies.
The closures include both Cardiff’s Revolution and Revolución de Cuba sites.
A business in deep trouble
The Revel Collective had been battling mounting financial pressures for years. Losses reached £36 million over four years, with rising National Insurance costs, minimum wage increases and falling discretionary spending among younger customers all cited as major factors.
The group had already shut 15 bars in 2024 and warned shareholders in December that their equity was likely to be wiped out.
Debt had climbed to £25.3 million, and by autumn the company was openly seeking buyers as liquidity dried up.
On 27 January, the company formally appointed administrators — and its nominated adviser resigned the same day, meaning its shares will be delisted from AIM next month.
What it means for Swansea
For Swansea, the news is a rare bright spot in a grim week for the UK hospitality sector.
Founders & Co — a popular food‑hall‑style venue on Wind Street — will continue trading under Neos Hospitality, whose existing brands already have a foothold in the city.
The move means staff keep their jobs, suppliers retain contracts, and the venue avoids the sudden closure that has hit dozens of others across the UK.
Neos has not yet commented publicly on its plans for the Swansea site, but the group’s track record suggests investment rather than retrenchment.
