The London-listed company behind the Revolution bars chain has set a deadline for bids next week after warning shareholders that they face being wiped out as part of a deal.

Sky News understands that The Revel Collective, which also owns 22 Peach Pubs and bars trading under the Revolucion de Cuba name, has told bidders to submit offers by January 9 as it races to conclude a deal.

City sources said that Neos Hospitality, one of Britain's leading operators of late-night drinking venues, was among the parties which had expressed interest in buying some of The Revel Collective's sites.

In total, the company trades from 62 locations but is facing the prospect of collapse if it does not finalise transactions to sell its assets.

It warned in a stock exchange announcement earlier this month that investors were unlikely to see any return from the transactions under consideration.

The company also announced the suspension of trading in its shares.

"The option of an equity fundraising has been considered but the Board has concluded it does not have the necessary support for such a transaction," it added.

Industry insiders said that two parties were in talks to buy the Peach Pubs business, which The Revel Collective - then known as Revolution Bars - acquired in 2022.

Neos Hospitality is said to be interested in a portfolio of the group's late-night venues, although the extent and seriousness of its overtures was unclear on Wednesday.

FTI Consulting is advising on the formal sale process.

A spokesperson for The Revel Collective declined to comment.