Last checked at 
(Alliance News) - Revolution Bars Group PLC on Wednesday said it has raised GBP12.5 million through a placing, subscription and open offer.
The Manchester-based bar group, which operates the brands Revolution and Revolucion de Cuba, said a total of 1.25 billion shares will be issued at the price of 1 pence per share.
Shares in Revolution Bars closed down 1.3% to 26.50 pence each on Wednesday in London.
Of the 1.25 billion shares, 159.2 million shares will be issued under the open offer.
In April, Revolution Bars announced the fundraise amid a restructuring plan that could see the business sold.
Without the additional funding, and cost savings delivered through a proposed restructuring plan, Revolution Bars said it would face liquidity pressures from the first quarter of 2025 onwards.
In addition, the company said it had launched a formal sale process to see whether a sale of the company would provide a more beneficial outcome for stakeholders than the restructuring.
Revolution Bars said it was also looking at a sale of one or more subsidiaries.
By Sophie Rose, Alliance News senior reporter
Comments and questions to newsroom@alliancenews.com
Copyright 2024 Alliance News Ltd. All Rights Reserved.
