Shares in Revolution Bars suspended after financial results delayed

Revolution Bars has had its shares suspended from the London Stock Exchange as troubles brew for the bar chain as it mulls over restructuring plans.

The group, which owns 58 bars and 22 gastro pubs, was required to publish its interim results for the second half of last year by the end of March.

But it said it was unable to do so, which has resulted in the suspension of its shares on the AIM index before trading begins on Tuesday morning.

The company did not give a reason for the delay but said the suspension will be lifted when results are published in “due course”.

Revolution said last week it is in talks with investors about raising new cash and could put itself up for sale as it looks to bolster its finances after coming up against tougher trading conditions

Earlier this year it had cut its annual profit outlook, saying its younger customers were being disproportionately impacted by the higher cost of living.

The bar chain said it was mulling over strategic options to improve its future prospects, which could include a restructuring plan or a “sale of all or part of the group”.

Sky News reported that Revolution was considering a plan which could result in the closure of around 20 bars, approximately a quarter of its total.

In Tuesday’s update, Revolution said it continues to “evaluate all the options available to it”, including engaging with key stakeholders and potential investors over a possible fundraise.