Revolution addresses sale speculation
Revolution Bars Group says all options are currently being explored.
Following speculation in the national press of mass site closures and a potential sale, Revolution Bars Group has issued a response in which it says all options are currently being explored.
The statement follows a report from Sky News, which stated Revolution was planning on closing 20 more of its venues as well as looking at fundraising options.
In response, Revolution said that 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.
It went on to confirm that these options include a restructuring plan for certain parts of the business, a sale of all or part of the group and any other avenue to maximise returns for stakeholders.
Revolution also confirmed it is currently engaged with key shareholders and other investors, including known sector investor Luke Johnson, in respect of a fundraising.
The company added that it continues to trade in line with management’s expectations and that it is not in talks with, nor in receipt of an approach from, any potential offeror relating to an acquisition of the issued and to be issued share capital of the company.
At the beginning of the year, Revolution reduced its capex plans following the closure of eight venues.
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