The proprietor of Revolution bars will shutter 21 establishments with the loss of 591 positions after bringing in administrators.

Administrators revealed The Revel Collective will close 14 Revolution Bars locations, six Revolucion de Cuba outlets and one pub within its Peach Pubs division.

This development followed administrators from FTI confirming a pair of agreements which will safeguard the future of 41 sites and 1,582 positions after bosses issued a warning on Monday.

The Revolution and Revolucion de Cuba brands and assets have been acquired by Neos Hospitality Group, which operates the Barbara’s Bier Haus and Bonnie Rogues brands.

Meanwhile, the remaining Peach Pubs operation has been purchased by the newly-established Coral Pub Company.

“Immediately on appointment, the Administrators completed two sale transactions for the business and assets of the Group: (i) a sale of Revolution, Revolucion de Cuba and Founders and Co to Neos Holdco Limited and certain of its subsidiaries, trading as Neos Hospitality and (ii) a sale of Peach pubs to Coral Pub Company Acquisition Limited, founded by Ted Kennedy”, a statement read.

“The transactions secure the continuation of 20 Revolution, Revolucion de Cuba and Founders and Co bars and 21 Peach pubs and protect 1,582 jobs across the sites and central support function.

“Regrettably 14 Revolution, six Revolucion de Cuba and one Peach site did not form part of the transaction and those sites are being closed with immediate effect impacting 591 employees.”

The popular nightlife operator known for its iconic venues revealed its intention to appoint administrators on Monday, whilst suggesting discussions regarding a potential sale were also “well advanced”.

Revel Collective is chaired by former Pizza Express chief Luke Johnson. The group confirmed it was in continuing talks over a possible sale, stating it anticipates making a further announcement about this “in the coming days”.

The development arrives approximately three months after the operator initiated a strategic review and commenced a fresh sales process.

The company pointed to the challenging economic climate and the “cumulative impact of government interventions” which it claims have “combined to thwart the business’ ability to improve performance”.