Shares in Revolution Bars suspended after financial results delayed
The group, which owns 58 bars and 22 gastro pubs, was unable to publish its interim results by the end of March.
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.Revolution Bars has had its shares suspended from the London Stock Exchange as troubles brew for the bar chain as it mulls over restructuring plans.
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 has resulted in the suspension of its shares on the AIM index before trading begins on Tuesday morning.
The 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”.
Sky News reported that Revolution was considering a plan which could result in the closure of around 20 bars, approximately a quarter of its total.
In Tuesday’s update, Revolution said it continues to “evaluate all the options available to it”, including engaging with key stakeholders and potential investors over a possible fundraise.