REVOLUTION Bars announced plans today that could see 18 of its sites close down and hundreds of jobs axed.

The firm is currently considering a major overhaul which may result in closures, or the chain being put up for sale altogether if it fails to raise £12.5 million to make the business profitable.

The chain was temporarily suspended on the London Stock Exchange earlier this month after its financial results were delayed.

Bosses said last month that it is looking at “all the strategic options available” having faced “a period of external challenges.”

In January, Revolution Bars announced the closure of six “unprofitable” sites across the country, alongside two of its Revolucion de Cuba bars.

At the time, chief executive Rob Pitcher said the closures were because “our younger customers are still feeling the disproportionate effect of the cost-of-living crisis.”

He also blamed the finances on the minimum wage increase due in April.