NEOS secures a £10m facility after doubling to 40 venues

NEOS has secured a £10m revolving credit facility with HSBC UK to fund rebrands, estate investment and further acquisitions, The Morning Advertiser reports. The facility follows its January purchase of 20 Revolution and Revolución de Cuba sites out of administration from The Revel Collective.

The FY25 picture - Turnover £46.7m, up 17% from £39.9m (prior period was an 11-month year from incorporation) - Venue EBITDA £13.5m (from £4.2m); group EBITDA from continuing operations £9.5m (from £2.7m) - Profit after tax £31,253, versus a £4.1m loss in 2024 - Capex and acquisitions of £10.9m in 2025; four rebrands and two acquisitions; ended the year on 19 venues, now 40 trading

Sites are being relaunched as Bonnie Rogues or Barbara's Bier Haus. Three transforms are already live in 2026 (including Bristol, Birmingham and Southampton), with three more planned in Leeds and Newcastle before year-end, and a first London dual-concept site earmarked for the former Tiger Tiger on Haymarket in 2027.

CEO Russell Quelch said doubling the estate to 40 venues created room to grow the brands, and that the new facility supports that UK expansion.

What it means for operators Buying out of administration only works if the rebrand and local offer land quickly. NEOS is concentrating capital on converting a large block of ex-high-street late-night sites rather than adding one-off openings.