With their gaze firmly fixed on a bright future Revolution Bars Group have secured £21m to strengthen the financial position of the company and allow them to invest in upgrading existing venues and securing new sites.
Revolution Bars Group runs 66 venues under the Revolution and Revolución de Cuba brands. Including their social play sites in Beaconsfield, Cardiff and Edinburgh.
Having placed new shares onto the London Stock Exhange, the plan is to use £11m of the fund to cover the cost of fundraising and strengthen the group’s balance sheet.
Revolution Bars have already been refurbishing many of their sites in recent years but £2.5m from the new fund will enable them to fabulously overhaul and upgrade 15 further sites over the next 18 months.
Not wanting to stand still, £7.5m will be used to secure new sites across the country, in new towns and regions.
The Manchester based firm have often shown a flair for creative innovation so hopes are high for the future, following this latest round of investment. Hopefully we’ll continue to see great additions to their offering like the seaside fairground bar announced earlier this year.
Chief executive, Rob Pitcher said: “Thanks to the support of our shareholders and new investors, this successful fundraising will allow Revolution Bars to emerge from this period of disruption in a strong position with a fit for purpose balance sheet which provides us with ongoing financial flexibility and an excellent platform from which to deliver for all our shareholders.
“We now have the firepower to deliver strong proven returns from the refurbishment of the remainder of our uninvested bars and the ability to take advantage of opportunities that undoubtedly will arise from a very dislocated market.
“We have traded outstandingly since the initial restrictions have been lifted. We are now looking forward to the end of all restrictions and are excited about the next part of the journey delivering best in class entertainment and hospitality to our guests.”
