Shares in Revolution Bars suspended after it fails to publish interim results
The group, which operates 58 bars and 22 pubs under the Revolution, Revolución de Cuba, and Peach Pubs brands, was required to publish its interim results for the 26 weeks ending 30 December 2023 by Saturday (30 March) as per AIM rules.
However, in an update published this morning (2 April), it said that it had been ‘unable’ to do so and as a result trading in the company's ordinary shares on AIM had been suspended.
The company added that suspension from trading will be lifted with the publication of the interim results in due course.
It comes after Revolution Bars Group recently confirmed it is ‘actively exploring all strategic options available’ following a report by Sky News claimed the group was planning to close a quarter of its worst performing venues and put itself up for sale.
In a statement last week, the group said options included a sale of all or part of the group and any other avenue to maximise returns for stakeholders and improve its future prospects. It also said it was engaging with key shareholders and other investors, including Luke Johnson, in respect of a fundraising.
It follows the closure of eight sites in January, which the group attributed to challenging macroeconomic trading environment impacting the sector, compounded by the planned increase in the national living wage in April, as being behind the closures
In its latest update, Revolution Bars added that it ‘continues to evaluate all the options available to it, including engaging with key stakeholders and potential investors with respect to a fundraising’.
