Shoosmiths has acted for Revolution Bars Group to exit five of its property leases and cut overall rents at four further venues while increasing their terms to 25 years.
The Group’s 75 bars in the UK are known for their premium drinks experience plus food and entertainment. Its Revolution brand is focused on young adults, with Revolucion de Cuba appealing to a broader age group.
Shoosmiths drew on its teams from across real estate, banking, employment, property litigation, tax and company secretarial to work with Revolution’s landlord, real estate investment company, Aprirose and its lender who are both based outside the UK. Once detailed terms were agreed, the deal completed in 11 days just before Revolution’s trading update on the London Stock Exchange.
The changes to these nine sites will save Revolution Bars Group £1.2 million per year and enable it to continue to adapt to changing customer habits in the leisure sector.
Shoosmiths’ team included Catherine Williams (Picture), Chris George and Kirsty Chalkley.
Law Firms: Shoosmiths;
Clients: Revolution Bars Group plc;