StockMarketWire.com - Cocktail bar owner Revolution Bars said lender NatWest had agreed to up the size of a debt facility to help it weather the Covid-19 crisis.

A £21m facility running to December 2021 had, subject to final documentation, been upped to £30m until 31 August 2020.

Natwest had also agreed to waive all financial covenant tests at March and June.

It would review both the loan amount and covenant tests applicable from the end of September, by reference to the company's updated trading forecasts closer to that date.

Revolution Bars said it had furloughed 2,775 employees, or 98% of its workforce, through accessing the UK government's Coronavirus Job Retention Scheme.

The salaries of its chief executive, chief financial officer and non-executive directors had been reduced by 50%. Story provided by StockMarketWire.com