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(Alliance News) - Revolution Bars Group PLC on Friday confirmed it is evaluating several strategic options, including a reduction in estate via a company voluntary arrangement, in light of a continuing challenging environment exacerbated by new Covid-19 related restrictions.
Shares in the company were down 18% at 9.00 pence each in London. Year-to-date the stock has shed a staggering 85% in value.
"The board is currently evaluating the potential impact of the latest developments on the group's business before deciding what the next steps should be. One of the potential options being explored is a reduction in the size of the group's estate by the implementation of a company voluntary arrangement," the company said.
"No decisions have yet been made and there is much further work to complete before the board decides on any appropriate course of action," it added.
Revolution Bars explained that it must consider "all necessary options to ensure that its business remains viable" in light of the new restrictions.
The travel and leisure industries have been one of the worst hit sectors by the movement restrictions implemented by the UK government to control the spread of the virus. Earlier this week, the government announced additional new restrictions on movement of people as virus cases started to surge.
The new restrictions include closing of all pubs, bars and restaurants by 10 pm, directly impacting Revolution Bars.
The bar chain assured that it has a strong balance sheet following the GBP15 million equity fundraising and the extension of its banking facilities in June.
By Tapan Panchal; tapanpanchal@alliancenews.com
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