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25 Sep 2020 11:26
Revolution Bars Group plc (LSE: RBG)
("Revolution" or the "Group")
Statement re press speculation
Further to the continuing challenging trading environment and exacerbated by the further COVID-19 related restrictions announced by the Government earlier this week, the Board of Revolution confirms that it has been working with advisers to assess various strategic options for the Group. 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 ("CVA").
No decisions have yet been made and there is much further work to complete before the Board decides on any appropriate course of action. Revolution has a strong balance sheet following the £15m equity fundraising and the extension of its banking facilities announced in June but the Board believes that the long term nature and potential impact of the latest operating restrictions means that it must consider all necessary options to ensure that its business remains viable.
25 September 2020
Revolution Bars Group plc | Tel: 0161 330 3876 |
Rob Pitcher, CEO Mike Foster, CFO
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FinnCap, Joint Broker | Tel: 020 7220 0500 |
Matt Goode / Simon Hicks / Teddy Whiley (Corporate Finance) Tim Redfern / Richard Chambers (ECM)
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Peel Hunt LLP, Joint Broker | Tel: 020 7418 8900 |
George Sellar Andrew Clark
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Instinctif (Financial PR) | Tel: 07831 379122 |
Matt Smallwood Jack Devoy | |
This announcement contains inside information within the meaning of the Market Abuse Regulation. The person responsible for arranging release of this announcement on behalf of Revolution Bars Group plc is Mike Foster, Chief Financial Officer.
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