Revolution Bars Group has revealed it has raised £15m from a share placing.
Revolution Bars said that subject to resolutions being passed at its general meeting to be held on or around 26 June 2020, in aggregate, 75,017,495 New Ordinary Shares are to be issued pursuant to the Firm Placing and the Placing and Open Offer, at an Issue Price of 20 pence per New Ordinary Share.
The 75,017,495 New Ordinary Shares to be issued pursuant to the Firm Placing and the Placing and Open Offer will result in the issued share capital of the Company increasing to 125,046,654 Ordinary Shares.
It also said the New Ordinary Shares will represent approximately 60% of the Enlarged Share Capital of the Company immediately following AIM Admission.
The group operates 74 premium bars, trading under the ‘Revolution’ and ‘Revolución de Cuba’ brands.
Rob Pitcher, CEO, said: “The Fundraising will ensure that Revolution Bars Group has a more appropriate capital structure as we emerge from this uncertain period and will allow the group to resume its successful refurbishment programme and take advantage of potential opportunities which may arise in the near term.
“We are grateful to the investors, suppliers, landlords, employees, and NatWest who are assisting us through this unprecedented time. We are now focused on reopening our bars, when safe to do so, to meet the pent-up demand from our young customer base and get back to creating fun and memorable experiences for our guests and our teams to return Revolution Bars Group to growth.”