Revolution Bars secures new loan
Revolution Bars Group has announced an extension to its debt facilities, with NatWest providing the group with an additional £16.5m term loan in light of the ongoing crisis.
The group’s current net debt position sits at £22m, though its board is “confident” that the new funding will provide “sufficient liquidity for the foreseeable future”, as it continues to shore up cash amid the ongoing pandemic.
The move follows a previous announcement on 14 April, whereby the group confirmed that NatWest increased its revolving credit facility from £21m to £30m until 31 August 2020, following which it would step down to £24m.
The newly-announced £16.5m loan will mature on 30 June 2023, after which it will need to be repaid or refinanced. The group’s facility has also been extended by six months to June 2022.
Rob Pitcher, CEO, said: “Again, we welcome and are delighted with the additional support from NatWest.
“They continue to act as a true partner to our business and this decisive action will enable us to emerge from this crisis in a financially stable position.”
He added: “When restrictions are lifted, we will reopen with much caution – prioritising the health and safety of our employees and guests above all else.
“However, with the security of a stable financial position and underpinned by our young guest base, we believe that the group is well placed to return to good levels of trading reasonably quickly.”
The group’s board said that it continues to monitor the financial position of the company and all financing options, and will update further when appropriate.
