Revolution Bars' shares suspended from trading with future uncertain

02 April 2024 by
Revolution Bars' shares suspended from trading with future uncertain

Revolution Bars Group has said its shares have been temporarily suspended from trading on AIM after it failed to publish its interim financial results.

The company was required to file its results for the 26 weeks to 30 December by 30 March. However, Revolution said it was unable to provide the update as required and its shares were suspended from 7.30am on 2 April.

Revolution, which operates 58 bars under the Revolution and Revolución de Cuba brands as well as 22 Peach Pubs sites, confirmed last week that it was exploring a sale or closure of a large number of its sites off the back of poor trading.

It comes after the hospitality group closed eight bars across England in January after blaming the cost of living crisis for hitting the spending power of its younger customers.

Last week, Revolution said it was "actively exploring all the strategic options available… to improve the future prospects of the group".

Reports said this could include the closure of roughly 20 of its worst-performing bars.

The group confirmed it was in talks with shareholders and investors, including hospitality entrepreneur Luke Johnson, who backs Gail's and Tortilla, about possible fundraising.

Revolution said: "Further to the announcement made on 26 March 2024, the company continues to evaluate all the options available to it, including engaging with key stakeholders and potential investors with respect to a fundraising.

"Further announcements will be made when appropriate."

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