Proactive Investors - Revolution Bars Group PLC (LON:RBG) said it has completed its fundraising and restructuring, following approval of its survival plan last month.
It aimed to raise £12.5 million through the placing of shares with institutional investors and some directors.
Today, the owner of the Revolution, Revolucion de Cuba and Peach Pubs chains said a total of 1,267,768,705 new shares had been issued and will be admitted to trading on AIM this morning.
Last month, the High Court approved the plan , which sees the bar operator amend its secured lending facilities, ditch some loss-making sites and implement rent reductions at some others.
The company said the objective of the plan is to restore Revolution to "financial stability, providing a platform for recovery from the trading challenges caused in recent years by the structural changes to the late-night bars market following the Covid pandemic".