Shares in Revolution Bars suspended after financial results delayed
The group, which owns 58 bars and 22 gastro pubs, was required to publish its interim results for the second half of last year by the end of March.
But it said it was unable to do so, which resulted in the suspension of its shares on the AIM (Alternative Investment Market) index before trading began on Tuesday morning.
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Hide AdThe company did not give a reason for the delay but said the suspension will be lifted when results are published in “due course”.
Revolution said last week it is in talks with investors about raising new cash and could put itself up for sale as it looks to bolster its finances after coming up against tougher trading conditions
Earlier this year it had cut its annual profit outlook, saying its younger customers were being disproportionately impacted by the higher cost of living.
The bar chain said it was mulling over strategic options to improve its future prospects, which could include a restructuring plan or a “sale of all or part of the group”.
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Hide AdSky News reported that Revolution was considering a plan which could result in the closure of around 20 bars, which is approximately a quarter of its total.
In Tuesday’s update for investors, Revolution said it continues to “evaluate all the options available to it”, including engaging with key stakeholders and potential investors over a possible fundraise.
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