The corporate team at Penningtons Manches Cooper is advising finnCap and Peel Hunt as brokers to Revolution Bars Group on a £15 million equity fundraising and finnCap as nominated adviser on Revolution Bars Group’s proposed move to AIM.
Revolution Bars Group is a leading UK operator of 74 premium bars. On 5 June it announced that it was seeking to raise gross proceeds of £15 million pursuant to an equity fundraising in order to achieve an appropriate level of indebtedness and emerge from the Covid-19 pandemic in a position of strength. Of the £15 million, £9 million was successfully placed firm with institutions and a further £6 million was placed subject to clawback to satisfy valid applications under an Open Offer made to existing shareholders in the company. The transaction is subject to shareholder approval and the transfer of the company’s shares to trading on AIM.
London-based corporate partner, Seb Orton, is leading on this deal with assistance from associate Hannah Shamsolmaali and trainee Laurence Nelson.