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.

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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.

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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New reusable cup scheme launches in Swansea city centre to cut single‑use waste

The 2GoCup initiative, run jointly by Swansea Council’s Swansea Project Zero team and Swansea Business Improvement District (BID), allows customers to pay a small deposit for a durable, reusable cup. The cup can be returned to any participating business for a refund or swapped for a fresh one.

The scheme is designed to reduce the thousands of disposable coffee cups thrown away in the city centre each week, helping Swansea meet its sustainability targets.

Nine businesses have already signed up, including Socialdice / Pinatas, Little Man Coffee at Founders, The Storyteller, First Call Coffee, The Cwtch, The Anchor, Café Ark, Hello Asia and Kardomah, with another seven to be announced soon. Local employers Swansea.com and Peter Lynn and Partners have also purchased cups for staff.

Cllr Andrea Williams, Joint Deputy Leader and Cabinet Member for Service Transformation at Swansea Council, said:

“The 2GoCup scheme is an exciting and practical way to help us on our journey to becoming a net zero city by 2050. Every small change adds up, so by reducing single‑use waste, we’re protecting our environment, keeping the city cleaner, and supporting our local businesses. We’re proud to help fund this initiative and look forward to seeing more businesses join in.”

Andrew Douglas, Swansea BID Manager, said:

“Swansea is a city that looks to the future, and our businesses are proud to be leading the way on sustainability. The 2GoCup model makes it simple for customers to choose greener options without any added hassle, and the positive early response has been fantastic to see. We’re excited to build on this momentum in the months ahead, expanding the scheme and encouraging people to explore new coffee shops across the city — boosting trade for our BID businesses while supporting a more sustainable Swansea.”

Kieran Ivett, owner of Wind Street’s Socialdice and Pinatas, added:

“I’m extremely passionate about this scheme. It’s already delivered fantastic results in Ireland, and I’m confident it will not only inspire visitors to make more sustainable choices but also give businesses the chance to connect with new customers. The idea is straightforward, and I believe people coming into the city will embrace it; all while playing their part in protecting the environment.”

Launched in Ireland in 2018, 2GoCup has expanded across the UK and Ireland. The cups are made from durable, BPA‑free materials, designed for multiple uses, and are fully recyclable at the end of their life.

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