Statement re press speculation

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 £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: [phone]
Rob Pitcher, CEO Mike Foster, CFO
FinnCap, Joint Broker	Tel: [phone]
Matt Goode / Simon Hicks / Teddy Whiley (Corporate Finance) Tim Redfern / Richard Chambers (ECM)
Peel Hunt LLP, Joint Broker	Tel: [phone]
George Sellar Andrew Clark
Instinctif (Financial PR)	Tel: [phone]
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.

 

END

 

 

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