Shares in The Revel Collective PLC (AIM:TRC) fell 53% to 0.07p after the pubs and bars group revealed that a potential sale of the business is not currently expected to deliver any return to shareholders.
The group, which operates premium bars and gastro pubs under the Revolution, Revolución de Cuba and Peach Pubs brands, launched a strategic review and formal sale process in October.
It said in a statement on Friday that discussions have begun with "a number of credible parties", who are involved in talks and carrying out due diligence.
The company confirmed it has the continuing support of its bank, but noted there is no certainty that any transaction will be completed or when this might occur.
The board also said it considered an equity fundraising but concluded it did not have the necessary backing.
Separately, Revel said it would not meet the AIM requirement to publish its annual report for the year to June by the 28 December deadline. As a result, trading in its shares is expected to be suspended from 7.30am on Monday, 29 December.
The board said the delay is due to the ongoing sales process and the audit of its 2025 results not being completed in time.