Gowling WLG has advised Revolution Bars Group plc (RBG) on a Firm Placing and a Placing and Open Offer to raise £21 million.

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 'Revolućion 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 transaction continues Gowling WLG's Equity Capital Markets team's impressive record advising AIM listed clients and follows the firm advising RBG on a £15 million equity fundraise and transfer from the London Stock Exchange's Main Market to AIM in 2020.

The deal was led by corporate partner, Jeff Elway, working with principal associate Alex Davidson.

Jeff said: "We're pleased to have advised Revolution Bars Group on this second fundraising exercise within 12 months, but this time allowing the company to emerge from this unprecedented period of disruption in a really strong position. After what has been very much a 'stop, start' period for the company over the last 12-15 months, we're looking forward to working with them on various aspects of their business as RBG's venues, which are already showing extremely positive trading signs in recent weeks, start to flourish once all restrictions are lifted."

Gowling WLG's dedicated Equity Capital Markets group, is recognised as one of the leading practices in London, with a particular emphasis on AIM and investment funds. With wide ranging experience, acting for both companies and nominated advisers on IPOs, secondary fundraisings, public takeovers as well as advising on ongoing AIM Rule compliance and corporate governance issues.