Revolution Bars Shares Suspended Amidst Financial Uncertainty
Quote from VATcal on 02/04/2024, 20:43Revolution Bars Group Plc, the company behind Revolution and Revolución de Cuba bars, has been hit with a suspension of its shares on the AIM market in London. This suspension comes after the company failed to publish its interim financial results for the period ending December 30th, 2023.
The deadline for submitting these results was March 30th, 2024. According to Revolution Bars, they were unable to meet this deadline, triggering the automatic suspension under the listing rules of AIM. The suspension took effect on the morning of April 2nd, 2024.
This news comes amidst a period of difficulty for Revolution Bars. The company has been struggling financially, citing a challenging market and the rising cost of living impacting customer spending habits. In January 2024, they closed eight bars across England due to these pressures.
Last week, Revolution Bars announced they were "actively exploring all strategic options" for the company's future. This could include restructuring, a partial or complete sale of the business, or seeking additional funding. They have also been reported to be in talks with potential investors, including hospitality entrepreneur Luke Johnson.
In a statement, Revolution Bars said the share suspension "will be lifted with the publication of the interim results in due course." However, the company's future remains uncertain, with investors waiting anxiously for the release of the financial results and the company's next steps.
Revolution Bars Group Plc, the company behind Revolution and Revolución de Cuba bars, has been hit with a suspension of its shares on the AIM market in London. This suspension comes after the company failed to publish its interim financial results for the period ending December 30th, 2023.
The deadline for submitting these results was March 30th, 2024. According to Revolution Bars, they were unable to meet this deadline, triggering the automatic suspension under the listing rules of AIM. The suspension took effect on the morning of April 2nd, 2024.
This news comes amidst a period of difficulty for Revolution Bars. The company has been struggling financially, citing a challenging market and the rising cost of living impacting customer spending habits. In January 2024, they closed eight bars across England due to these pressures.
Last week, Revolution Bars announced they were "actively exploring all strategic options" for the company's future. This could include restructuring, a partial or complete sale of the business, or seeking additional funding. They have also been reported to be in talks with potential investors, including hospitality entrepreneur Luke Johnson.
In a statement, Revolution Bars said the share suspension "will be lifted with the publication of the interim results in due course." However, the company's future remains uncertain, with investors waiting anxiously for the release of the financial results and the company's next steps.
