Troubled Revolution Bars Group plc said entrepreneur and investor Luke Johnson has been appointed to the company‘s board as non-executive chairman following the retirement of Keith Edelman, who has been chairman since 2015.

Johnson owns 20% of the Ashton-under-Lyne company’s stock following a recent fundraise. The firm’s share price has collapsed in recent years, reducing its stock market value to around £13 million.

Revolution Bars is the operator of 65 bars and gastro pubs, trading mainly under the Revolution, Revolucion de Cuba and Peach Pubs brands.

“Luke Johnson is a well-known entrepreneur and investor recognised for his significant contributions to the hospitality sector,” said Revolution Bars.

“He established himself in the sector as Chairman of and significant investor in PizzaExpress during its rapid expansion in the 1990s, he has since been involved in numerous successful ventures, including his role at and investment in Gail‘s bakeries amongst many others.

“Mr Johnson has chaired or founded various companies, including the private equity firm Risk Capital Partners, which has invested in a range of industries.

“Luke also participated in the Group‘s recent fundraise and holds 300,000,000 ordinary shares of 0.1 pence each in the Company, representing 20% of the Company‘s Ordinary Shares.”

Revolution Bars CEO Rob Pitcher said: “Keith‘s strong leadership has been instrumental in steering the Group since 2015.

“Through IPO, the pandemic, unsolicited offers and the most recent fundraise and Restructuring Plan.

“As he steps down, we express our gratitude for his support and vision, which have left an enduring footprint on the Company. We wish him all the best in his future endeavours.

“We are excited to be working with Luke who is vastly experienced in the Hospitality sector and brings a wealth of knowledge to enable the next phase of the Group‘s development.“

Edelman said: “After over 9 years as Chairman of the Group, the time has come for me to step down. I leave knowing the Company is now in a stronger position and fit for purpose in today‘s marketplace.

“I extend my heartfelt thanks to the board, the management team, and all our dedicated colleagues for their support and commitment over the years.

“I am pleased that Luke has agreed to now become Chairman and I firmly believe his outstanding experience within the hospitality sector will be instrumental in guiding the Group in the future and I look forward to watching Revolution Bars Group thrive in the years ahead.“