Revolution Bars considering “strategic options” including sale
Revolution Bars Group has confirmed that it is “exploring all the strategic options available to it”, including restructuring plans for part of the group or a potential sale.
The group also confirmed that it is currently engaged with key shareholders and other investors in respect of a fundraising, worth reportedly £10m.
However, Revolution Bars Group – which owns the Revolution, Peach Pubs, and Revolucion de Cuba chains – said it is not in talks with, nor has it received an offer from, a potential buyer.
This comes as the group releases a statement in response to press speculation, after Sky News reported on Monday that the group was considering the closure of a quarter of its venues – roughly 20 sites.
One investor told Sky News that a prospective share deal appeared to be dependent on whether a restructuring plan to close sites could be implemented. They added that without those taking place, insolvency would be the only likely alternative.
In January, the group said it would downsize its estate with the closure of eight sites, despite enjoying its best festive period since 2019.
The operator has struggled in recent years, with its shares closing on Monday at just 2.9p, down from a high of 193.9p in December 2016.