Shares suspended as Revolution Bars unable to publish results

Revolution Bars Group plc, the Ashton-under-Lyne headquartered bar operator, has suspended its shares due to the company being “unable” to publish interim results.

Shares in the troubled owner of 58 premium bars and 22 gastro pubs had been trading at the rock bottom price of 1.2p per share at the end of last week (28 March 2023).

Shares won’t be traded until the results are published, but on 26 March Revolution confirmed 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).

At the start of 2024 the business shut down eight of its “least profitable bars” to reduce future site losses.