Revolution Bars exploring options including sale

(Sharecast News) - Revolution Bars confirmed on Tuesday that it is exploring strategic options, including the potential sale of all or part of the group. Responding to press speculation, it said: "Following a period of external challenges which have impacted the company's business and trading performance, the board is actively exploring all the strategic options available to it to improve the future prospects of the group.

"These include a restructuring plan for certain parts of the group, a sale of all or part of the group and any other avenue to maximise returns for stakeholders."

Revolution also said it is currently in talks with key shareholders and other investors including Luke Johnson about a potential fundraising.

"The company continues to trade in line with management's expectations," it said, adding that further announcements will be made, as appropriate.

Sky News reported late on Monday that Revolution - which owns Peach Pubs and the Revolucion de Cuba chain - was drawing up plans to axe around 20 of its worst-performing bars.

It also said the company had been sounding out investors in recent days about a cash call to raise around £10m, which is more than the current market capitalisation.