Founders & Co saved as new owner steps in after Revel Collective collapse

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.

More Business & Hospitality

Founders & Co co‑owner to file for administration
Earlier coverage as the venue’s parent company faced collapse.

Popeyes confirms Llanelli opening date
US fried chicken giant announces launch plans and opening‑day giveaway.

Two much‑loved Llanelli restaurants close
Customers share heartbreak as both venues shut on the same day.

Bluebell Coffee Kitchen launches luxury Sunday lunch
Popular café expands with a new premium takeaway offering.

Brains unveils bold new Reverend James campaign
Brewery gives a modern twist to a Llanelli beer legend.

#administration #BonnieRogues #Business #FoundersCo #NeosHospitality #pub #RevelCollective #Revolution #Swansea #WindStreet

Swansea’s Founders & Co owner to file for administration

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.

Founders & Co’s café space in Swansea, with warm lighting, rustic wood finishes and a central tree feature.

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”.

Related stories from Swansea Bay News

Two much‑loved Llanelli restaurants close on the same day
A double closure shocks Llanelli’s food scene as customers share heartbreak and concern.

Popeyes confirms Llanelli opening date with free chicken for first 100 customers
The US fried chicken chain sets its Parc Trostre launch with major giveaways.

Bluebell Coffee Kitchen to launch luxury takeaway Sunday lunch
A popular Llanelli café expands its offer with a premium roast service.

Brains puts a modern twist on a Llanelli brewing legend
The brewery unveils a bold new Reverend James campaign rooted in local heritage.

#administration #bar #FoundersCo #RevelCollective #Revolution #Swansea