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Revolution Bars Group has resumed trading on the AIM after officially completing its fundraising and restructuring plan. The bar operator, which trades under the Revolution, Revolucion de Cuba and Peach Pubs brands, has reissued a total of 1,267,768,705 new ordinary shares following the completion.
The restructuring plan, which was first announced on 10 April and launched on 31 May, involved securing £12.5m in emergency funding.
Last month, the group confirmed the plan was set to conclude this week.
The restructuring plan aimed to restore the group to financial stability following the changes made to the late night bars market following the pandemic.
The plan includes amending and extending the group’s secured lending facilities, exiting the leases of certain loss-making sites, and implementing necessary rent reductions on some other sites to “enable them to return to profitability at a sustainable level”.
Following completion of the plan, the business will operate 27 Revolution Bars, 15 Revolución de Cuba Bars, 22 Peach Pubs and one Founders and Co. site.
The board expects the plan to deliver a “significant” EBITDA improvement of £3.8m.
