Prior to the onset of the Covid-19 pandemic, the group was demonstrating profitable signs. However, due the pandemic and lockdown measures, the group’s indebtedness “significantly increased” with it now standing at £28.5m.
From the new capital raised, £11m will go to strengthening the group’s balance sheet and fund the costs of the fundraising. A further £2.5m will go towards the refurbishment of an additional 15 bars over the next 18 months.
Additionally, £7.5m will be used to expand its estate by eight venues into new towns and regions.
Rob Pitcher, CEO, said: “Thanks to the support of our shareholders and new investors, this successful fundraising will allow Revolution Bars to emerge from this period of disruption in a strong position with a fit for purpose balance sheet which provides us with ongoing financial flexibility and an excellent platform from which to deliver for all our shareholders.
“We have traded outstandingly since the initial restrictions have been lifted. We are now looking forward to the end of all restrictions and are excited about the next part of the journey delivering best in class entertainment and hospitality to our guests.”