Revolution "well-placed" to return to good levels of trading post-lockdown
The group, which operates 74 bars under the Revolution and Revolución de Cuba brands, has secured a £16.5m loan through the Government's Coronavirus Large Business Interruption Loan Scheme (CLBILs).
It was previously reported that the group had increased its revolving credit facility with NatWest from £21m to £30m.
NatWest agreed to increase the facility to until 31 August 2020, after which it will be reduced to £24m.
The bank also agreed to waive all financial covenant tests at March and June.
Revolution says the extension of its debt facilities will provide it with “sufficient liquidity for the foreseeable future”.
"Again, we welcome and are delighted with the additional support from NatWest," says CEO Rob Pitcher.
"They continue to act as a true partner to our business and this decisive action will enable us to emerge from this crisis in a financially stable position.
"When restrictions are lifted, we will re-open with much caution – prioritising the health and safety of our employees and guests above all else. However, with the security of a stable financial position and underpinned by our young guest base, we believe that the group is well-placed to return to good levels of trading reasonably quickly."
