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'Light at the end of the tunnel' as Revolution plans reopening of bars

Thu 04 March 2021 11:08 | A A A

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(Sharecast News) - Revolution Bars is to begin reopening its estate from 12 April, the Aim-listed operator said on Thursday, as it confirmed it had enough cash to survive until lockdown restrictions were lifted.

The Manchester-based group, which has 66 bars, said 20 outlets with outside spaces would reopen on 12 April. The remainder would reopen on 17 May, when indoor hospitality is allowed to resume.

Revolution said that as at 3 March, it had net debt of £27.1m, with available liquidity resources of £9.8m.

"The group therefore has more than sufficient liquidity resources available to take [it] well through 17 May", it noted, though it conceded this assumed no tightening of government restrictions before then.

Rob Pitcher, chief executive, said: "With the encouraging progress of the vaccination programme, clarity in the timetable to reopening, and the additional financial support measures announced by the chancellor, the light at the end of the tunnel is getting brighter.

"Notwithstanding that good news, our industry remains on the critical list and the continued support announced by the government is require to ensure that we can be in a position to return to growth."

Revolution is due to post results for the 26 weeks to 26 December 2020 on 13 April, after it was granted an extension of one month.

As at 1100 GMT, shares in Revolution were ahead 2% at 29.0p.

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