Revolution Bars Group raises £15m from share placing
Subject to the necessary resolutions being passed at a general meeting set on or around 26 June, in aggregate, 75,017,495 new ordinary shares are to be issued at an issue price of 20 pence per share.
The new shares will result in the issued share capital of the company increasing to 125,046,654.
The group, which operates 74 bars under the Revolution and Revolución de Cuba brands, is also transferring trading from the London Stock Exchange to the smaller AIM, and the new shares will represent approximately 60% of the enlarged share capital of the company immediately following AIM admission.
“The fundraising will ensure that Revolution Bars Group has a more appropriate capital structure as we emerge from this uncertain period and will allow the Group to resume its successful refurbishment programme and take advantage of potential opportunities which may arise in the near term,” says Rob Pitcher, CEO.
“We are grateful to the investors, suppliers, landlords, employees, and NatWest who are assisting us through this unprecedented time.”
“We are now focused on reopening our bars, when safe to do so, to meet the pent-up demand from our young customer base and get back to creating fun and memorable experiences for our guests and our teams to return Revolution Bars Group to growth.”
Last month the group said it was well-placed to return to a good trading level following the Coronavirus crisis and had secured a £16.5m loan through the Government's Coronavirus Large Business Interruption Loan Scheme (CLBILs)
