Client work
Gowling WLG advises Revolution Bars Group plc on £15 million equity fundraising and transfer from the Official List to AIM
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International law firm Gowling WLG has advised Revolution Bars Group plc (RBG) on its £15 million equity fundraising and proposed transfer from the London Stock Exchange's Main Market to AIM.
The firm's Equity Capital Markets team acted for RBG, the leading UK operator of 74 premium brands, trading under 'Revolution' and 'Revolution de Cuba', on a firm placing and a placing and open offer to raise £15 million, conditional upon RBG's proposed delisting from the FCA's Official List and London Stock Exchange's Main Market (premium segment) and transfer to London Stock Exchange's AIM market, all as announced on 5 June 2020.
The transaction continues Gowling WLG's Equity Capital Markets team's impressive record advising AIM listed clients.
With the UK Government having required all of their bars to be closed on 20 March 2020 and currently setting 4 July 2020 as the earliest date that pubs and bars may be allowed to open, the recent period has been extremely difficult for RBG. The latest fundraising will ensure that RBG has a more appropriate capital structure as it emerges from the COVID-19 crisis, and will allow it to resume its successful refurbishment programme and take advantage of potential opportunities which may arise in the near term.
The deal was led by corporate partner, Jeff Elway, working with senior associate Alex Davidson and trainee solicitor Abby Parkin.
Jeff Elway said: "We're really pleased to have picked up a client of the quality of Revolution Bars Group in these extremely difficult trading conditions and look forward to working with them on various aspects of their business going forward as RBG's bars open following this unprecedented period of closure."
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.
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