Revolution Bars Group PLC (AIM:RBG) said it has completed its fundraising and restructuring, following the 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".