The corporate team at Penningtons Manches Cooper is advising finnCap as nominated adviser and joint broker and Peel Hunt as joint broker to Revolution Bars Group on a £21 million equity fundraising on AIM.
Revolution Bars Group is a leading UK operator of 66 premium bars. On 25 May this year, it announced that it was seeking to raise gross proceeds of £21 million pursuant to an equity fundraising, in order to reduce its indebtedness, accelerate its existing site refurbishment programme and to take advantage of favourable market conditions for estate expansion.
As announced today, of the £21 million, £20 million was successfully placed firm, and a further £1 million was placed subject to clawback to satisfy valid applications under an open offer made to existing shareholders in the company. The transaction is conditional on shareholder approval.
London-based corporate partner Seb Orton is leading on this deal with assistance from associate Hannah Shamsolmaali.