Revolution Bars announce £15m placing to fund planned August reopening

Hospitality group Revolution Bars Group has announced plans to raise up to £15m to fund the reopening of its establishments following the COVID-19 crisis.

The firm, which operates 74 bars across the UK under the ‘Revolution’ and ‘Revolución de Cuba’ brands, is aiming to reopen its network of bars in August.

To support its reopening and growth plans, the firm is set to raise funds with a firm placing, placing and open offer at 20 pence per new ordinary share.

The group’s board has anticipated an August reopening in its ‘base case’ scenario, which follows the government’s guidance that pubs and bars will be closed until at least July 4.

In addition to reopening, the firm hopes to use the fundraises to resume its programme of venue refurbishments, which was halted by the coronavirus outbreak and subsequent business disruption.