Revel Collective — which also owns Revolution and Revolución de Cuba in Cardiff — confirmed in a formal stock market announcement that its board has resolved to file for administration “to protect creditors” after discussions with its secured lender.
In its statement to the London Stock Exchange, the company said:
“The Board has resolved to file a notice of intention to appoint administrators to the Company and certain of its subsidiaries.”
“Since the transactions being contemplated are not expected to deliver any return to shareholders, the Board has resolved to take action to protect creditors.”
“The business will continue to trade… as it advances a potential sale of all or parts of the business.”
The company said talks with potential buyers were “well advanced”, but warned that the deals being considered “are not expected to deliver any return to shareholders”. Unless circumstances change, administrators are expected to be appointed within 10 business days.
Revel Collective said all venues will continue trading during the notice period, including Founders & Co Swansea, which opened in 2022 as a food‑hall‑style anchor for the city’s regenerated Wind Street. Trading in the group’s shares on London’s AIM market remains suspended.
The group — chaired by former Pizza Express boss Luke Johnson — has been seeking a buyer since October 2025 after what it described as a “continued period of external challenges”. In December, the company said it had engaged with “a significant number” of potential acquirers, including being publicly linked with Neos Hospitality.
Revel Collective has blamed rising costs, falling sales and government decisions in Labour’s first Budget for worsening its financial position. In previous updates, the company said increases to employer National Insurance, the minimum wage and duties on spirits would cost the business more than £4m a year.
The pressures reflect a wider crisis across the hospitality sector. Industry data cited by Harpers and the BBC shows 382 net closures in the final three months of 2025 and almost 9,000 job losses between November and December, driven by what analysts describe as “relentless increases in operating costs”.
A restructuring in 2024 saw the group close 15 loss‑making bars, but the turnaround plan failed to stabilise the business. By late 2025, turnover had fallen and borrowings had risen to more than £25m, according to figures reported by national media.
In its latest statement, the company said it will continue working with advisers “to preserve as much value as possible for all stakeholders” while it advances a potential sale of all or parts of the business.
For Swansea, the development places a question mark over the future of Founders & Co, although the company has not announced any venue closures and insists all sites remain open during the sale process.
A further update from Revel Collective is expected “in the coming days”.
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Update! Founders and co has been sold to Neos that runs bonnie rouges.