StockMarketWire.com - Cocktail bar owner Revolution Bars said it was 'proactively exploring all the options available' on funding as the coronavirus crisis crimps its sales.

Like-for-like sales in the 37 weeks of its financial year to date were up 1.1%, but they had fallen in recent days after the UK government urged punters to avoid pubs and bars.

Revolution Bars said it was reasonable to expect the trading environment would be very challenging for the foreseeable future.

'As such, the board expects a material deterioration in trading performance for the remainder of the financial period ending 30 June 2020, however, given the continued high level of uncertainty it is not possible to quantify the precise impact at this time,' it added.

The company was taking mitigating actions including cutting payroll costs and reducing 'unprofitable trading sessions'.

Net debt at the end of week 37 was £10.5m, as expected.

'The board continues to monitor the group's funding requirements closely and is proactively exploring all the options available,' Revolution Bars said.

Chief executive Rob Pitcher said the company was doing all it could to protect its business.

'We would welcome further government support,' he said.

'Whilst we face a very challenging period in the current financial year, we are determined to make the right choices for the group, employees, shareholders and all other stakeholders.'


At 9:20am: [LON:RBG] Revolution Bars Group Plc share price was -6.22p at 18.28p



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