Revolution Bars considering ‘all options available' to improve performance

26 March 2024 by
Revolution Bars considering ‘all options available' to improve performance

Revolution Bars has confirmed it is "actively exploring all the strategic options available" following press speculation that it plans to close a quarter of its sites.

Sky News had reported the London-listed pub group has held talks with investors about an "emergency fundraising" campaign to reduce risk of insolvency.

It would involve the closure of roughly 20 of the group's worst-performing bars across the Revolution, Peach Pubs and the Revolucion de Cuba chains.

In a notice to London Stock Exchange, Revolution stated: "Following a period of external challenges which have impacted the company's business and trading performance, the board is actively exploring all the strategic options available to it to improve the future prospects of the group.

"These include a restructuring plan for certain parts of the group, a sale of all or part of the group and any other avenue to maximise returns for stakeholders."

It added: "The company also confirms it is currently engaged with key shareholders and other investors including Luke Johnson in respect of a fundraising."

Revolution confirmed it has not received any offers relating to an acquisition of the company.

"Further announcements will be made, as appropriate," the group said.

Last year, Revolution Bars reported it expected trading to remain "challenging" due to young people cutting spending amid the cost of living crisis.

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