Cheltenham looks set to say goodbye one of its iconic night-time venues with the sale of Revolution Bar in the prime location of Clarence Parade.

The move comes after the company confirmed a list of bars that it shuttered in August 2024 – but Cheltenham's popular venue had not been included at the time.

The bar, set in an 1843 baptist church and with a last ratable value of £155,000, is one of 89 operated across the UK by the Revolution Bars Group (RBG) which also owns the Peach Pubs and Revolución de Cuba chains.

Back in 2021, Punchline-Gloucester.com reported on the bar's exemplary success  in bouncing back from Covid, but recent financial statements from RBG suggest its Revolution chain has been particularly battered by the cost of living crisis and upward pressure on wages.

The listing, now live from Savills, indicates that the 9,066sq ft premises, described as a "characterful Grade II listed building", is inviting offers via the agent for leasehold or the freehold "subject to securing vacant possession".

No numbers have been been put on the deal, but Savills agent, Paul Breen, confirmed RBG does not own the premises. 

This move comes against the backdrop of RBG's latest half-year figures, posted in April this year, which showed a profit before tax of £3.1m.

RBG said at the time: "With ongoing challenges to the Hospitality sector, the Group was pleased to have traded positively over the important festive season. The Group achieved sales growth year-on-year of 8.3%, and a profit before tax of £3.1m, after an exceptional gain on disposal of £3.9m relating to the exit from certain leasehold properties."

But the Group added: "Revolution continues to experience challenged trading as a result of its younger guests who are disproportionately impacted by the cost-of-living crisis pressurising their discretionary income."

A restructuring plan launched this May by RBG, and subsequently ratified by the High Court in August, allowed the company to take action on "amending and extending the Group's secured lending facilities, exiting the leases of certain loss-making sites, and implementing necessary rent reductions on certain other sites to enable them to return to profitability at a sustainable level."

The August statement added: "The objective of the Plan is to restore the Plan Company and the Group to financial stability providing a platform for recovery from the trading challenges caused in recent years by the structural changes to the late night Bars market following the Covid pandemic. This secures the long term future of the Group and delivers the best outcome for all stakeholders.

"Following completion of the Plan, the business will operate 27 Revolution Bars, 15 Revolución de Cuba Bars, 22 Peach Pubs and one Founders & Co. site."

RBG subsequently confirmed that it would close its bars in the following locations on August 11 as part of a major overhaul: Blackpool, Chester, Deansgate Locks in Manchester, Edinburgh, Inverness, Leadenhall in London, Loughborough, Norwich, Hockley in Nottingham, Stafford and King Street in Wigan.

Cheltenham's bar was not on the immediate list of closures but it was included among 38 Revolution bars that were subsequently listed by the Group for possible closure.

Punchline-Gloucester.com has approached the RBG and its Cheltenham bar for comment.

● Savills' agent Paul Breen can be contacted on 0207 877 4555.