(Sharecast News) - Pub and bar operator Revolutions Bars Group revealed on Friday that it had changed its name to The Revel Collective in order to better reflect "the make-up of the group".
The group's name change was effective immediately, while its TIDM will change to TRC on 14 October. Alongside the change of name, its website containing the information required by AIM Rule 26 will be updated to www.therevelcollective.com, with a further announcement to be made in due course. The Company's ISIN and SEDOL remain unchanged.
Revolution Bars said shareholders were unaffected by the change of name and existing share certificates should be retained and remain valid. Any new share certificates issued will bear the name The Revel Collective.
AJ Bell's Dan Coatsworth said: "Companies often think a simple name change can erase any historical disappointments, believing a new identity is enough to make the market forget the past and focus on the future. But investors have a long memory and they know that nothing changes by hanging a new sign in front of the shop.
"Revolution Bars is the latest company to try this tactic, hoping the switch to 'The Revel Collective' will make everything better. That might describe a group of bars and pubs where people are enjoying themselves, but the people owning its shares haven't had any reason to party for a long time. In reality, it's a late-night bar operator that has destroyed shareholder value over the past five years and now shares a name with the Russian roulette of chocolate."
As of 1005 BST, Revolution Bars shares were down 5.88% at 0.80p.
Reporting by Iain Gilbert at Sharecast.com
