Gowling WLG has advised Revolution Bars Group plc on the deal.
The firm’s Equity Capital Markets team has again acted for AIM-listed RBG, a leading operator of 66 premium bars, trading under the ‘Revolution’ and ‘Revolucion de Cuba’ brands, on its £21 million fundraise through a firm Placing of 100,000,000 new ordinary shares and a conditional Placing of a further 5,001,866 new ordinary shares, all at 20 pence per share. The Placing of the 5,001,866 new ordinary shares is subject to ‘clawback’ to satisfy applications from existing RBG shareholders under an Open Offer. The fundraising is due to complete on 15 June 2021.
The funds will ensure RBG is well-positioned to grow the business once its bars fully reopen following COVID-19 restrictions being lifted, to accelerate its existing site refurbishment programme and to take advantage of favourable market conditions for estate expansion.
The deal was led by corporate partner, Jeff Elway (Picture), working with principal associate Alex Davidson.
Law Firms: Gowling WLG;
Clients: Revolution Bars Group plc;