Revolution to raise £15m for chain refurb as July reopenings planned

Revolution Bars Group is to raise £15m in a share placing to help fund the refurbishment of its Manchester-based chain of 74 bars.

The cocktail bar chain's Revolución de Cuba in Manchester, Liverpool, Bristol, Brighton, and Huddersfield, and another De Cuba site in Derbt, are earmarked for a July opening.

The reopenings will help the group test new safety procedures and policies, and if they operate successfully, the group will then look to reopen bars elsewhere in the UK.

Bars will be fitted with safety measures including till screens, PPE for staff, hand sanitising stations, introducing disposable menus and going cashless. Staff may also be grouped into smaller 'families' to minimise contact.

The company's lenders, NatWest agreed in April to increase its revolving credit facility from £21m to £30m until 31 August 2020, when it will then step down to £24m.

Despite sites remaining closed, the group has reported running costs of around £400k per week.