REVOLUTION Bars Group has suspended its shares this morning due to the company being “unable” to publish interim results.
Shares in the troubled owner of 58 premium bars – including two in Aberdeen City Centre – had been trading at the rock bottom price of 1.2p per share at the end of last week.
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As the London Stock Exchange reopened after the bank holiday this morning, the group confirmed the suspension of shares until those results are published.
Last week, the London-listed leisure company, which has a Revolution Bar on Belmont Street in Aberdeen, plus a Revolucion de Cuba in The Academy, revealed plans to close a quarter of its venues.
It said a restructuring or partial sale of the business is imminent naming entrepreneur and investor Luke Johnson, the former owner of Pizza Express, as a key player.
This morning’s statement continued: “Further to the announcement made on 26 March 2024, the company continues to evaluate all the options available to it, including engaging with key stakeholders and potential investors with respect to a fundraising.
“Further announcements will be made when appropriate.”
The company insisted last week it “continues to trade in line with management’s expectations” but as recently as January 2024 the business was warning of tough trading brought upon by the increase in the minimum wage next month (April 2024).
About 2,500 people work for the group, which floated in London for the second time in 2015.
It is unclear how many redundancies would arise from the restructuring, if it takes place, but one leisure industry source said it would be “in the hundreds”.
