Revel Collective, which owns popular Aberdeen bars Revolution and Revolucion de Cuba, is set to go into administration.
The firm was put up for sale in October following continued "external challenges", but chairman Luke Johnson has now revealed administrators will be appointed within days.
It's a move which puts 2,200 jobs at risk across the brand's 62 UK venues, including the two Belmont Street bars in Aberdeen.
Revel Collective, the BBC reports, said on Monday that discussions with a buyer are "well advanced" but it had filed to enter administration, leaving shareholders empty-handed after the sale.
The chain's bars are to stay open through the process, but it has been suspended from trading on London's junior AIM stock exchange.
A statement read: "The Revel Collective plc, a leading operator of premium bars and gastro pubs, trading mainly under the Revolution, Revolución de Cuba and Peach Pubs brands confirms that, further to the announcement on 19 December 2025, and following discussions with the Company's secured lender, the Board has resolved to file a notice of intention to appoint administrators to the Company and certain of its subsidiaries.
"As noted in the previous announcement, the Board has been actively pursuing the Formal Sale Process to identify an acquirer or acquirers for the business. Those discussions are well advanced, and the Board anticipates a further announcement in the coming days.
"Since the transactions being contemplated are not expected to deliver any return to shareholders the Board has resolved to take action to protect creditors. Unless circumstances change, and in accordance with statutory requirements, the Board intends to appoint administrators within 10 business days.
"The business will continue to trade and the Company will continue to work alongside advisers in order to preserve as much value as possible for all stakeholders as it advances a potential sale of all or parts of the business.
"Further announcements will be made as appropriate."