Revolution Bars Group looks to raise £15m and trade on AIM

Revolution Bars Group, which operates 74 bars across the UK trading under the Revolution and Revolución de Cuba brands, has announced its intention to raise up to £15m by way of share placings.

The fundraising will be used by the group “to achieve an appropriate level of indebtedness and emerge from the Covid-19 pandemic in a position of strength”.

The fundraising is conditional on both shareholder approval at its general meeting on 26 June, and the proposed move from the FCA’s Official List to trading on the London Stock Exchange's Main Market and the company's enlarged issued share capital being admitted to trading on AIM, which is anticipated to occur on 27 July.

The company said the move to AIM is a more appropriate listing venue for the company in the long term.

Up to £9m will be raised through the firm placing of up to 45,000,000 new ordinary shares; and up to a further £6m will be raised through the placing of up to 30,017,495 new ordinary shares.