(Alliance News) - Revolution Bars Group PLC on Tuesday said its shares have been temporarily suspended on AIM in London, as it is unable to publish its interim results on time.
The Manchester-based bar group, which operates the brands Revolution and Revolucion de Cuba, was required to publish its financial results for the six months ending December 30 by Saturday last week.
Revolution Bars said it was unable to do this. Therefore, in line with AIM listing rules, its shares were suspended from trading with effect from the opening bell on Tuesday.
Suspension will be lifted upon publication of the half-year results.
On Tuesday last week, Revolution Bars said it was mulling its options, including a possible sale of the company, as it fights with tricky market conditions.
It said it will embark on a restructuring plan and will consider the sale of all or part of the business.
It added, no such talks or approach from an offerer have occurred yet.
However, the company did confirm that it is currently in discussions with key shareholders and other investors, including Luke Johnson, over possible fundraising.
This follows an announcement in January that eight of the least profitable locations were to be closed.
Further to the announcement on Tuesday last week, Revolution Bars said on Tuesday this week that continues to evaluate all the options available to it, including engaging with key stakeholders and potential investors with respect to a fundraising.
It said further announcements will be made "when appropriate".
By Greg Rosenvinge, Alliance News senior reporter
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Rev Bars (RBG)