Revolution Bars Group Statement re press speculation (1629A)
September 25 2020 - 6:26AM
UK Regulatory
TIDMRBG
RNS Number : 1629A
Revolution Bars Group
25 September 2020
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 GBP15m
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
FinnCap, Joint Broker Tel: 020 7220 0500
Matt Goode / Simon Hicks / Teddy Whiley
(Corporate Finance)
Tim Redfern / Richard Chambers (ECM)
Peel Hunt LLP, Joint Broker Tel: 020 7418 8900
George Sellar
Andrew Clark
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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END
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