Bar chain Revolution has launched a fundraiser to secure £15 million from shareholders as it eyes the reopening of its sites in August.
The company said the move will cut further into its debts and help it to emerge from the coronavirus pandemic in “a position of strength” after shutting all 74 of its sites.
Revolution has also announced plans to delist from the London Stock Exchange’s main market in favour of a listing on its junior market AIM.
In a statement, Revolution said: “The UK Government’s current guidance is that pubs and bars will be closed until at least July 4.
“Based upon this guidance, the board have assumed in their ‘base case’ scenario that the group will be able to reopen its estate in August 2020.
“The group will make some changes to its operating model, assuming current social distancing, and anticipates a gradual recovery in customer numbers.
“The base case scenario assumes that the group will deliver sales in August 2020 at approximately 55%.”
