MARKET REPORT: Cheers! Revolution Bars restructuring approved

With the weekend just around the corner, a party-goer favorite has made gains thanks to some much-needed good news.

Revolution Bars has grown after the company announced its long-term future was secure following approval of its restructuring plans by the High Court.

The owner of the eponymous bar chain and the De Cuba locations can amend the secured credit facilities, divest a number of loss-making locations and implement rent reductions at certain other locations.

Bosses say the restructure will boost Revolution Bars’ pre-tax profits by £3.8m a year, a big boost after the difficult period caused by the pandemic.

Revolution will also benefit from amended commitments on a £30m debt with lender NatWest, which will see £4m written off and give it more time to pay taxes.

Revolution jumped 18.2 percent, or 0.2p, to 1.3p. A volatile week for markets ended on a subdued note. The FTSE 100 index closed 0.3 percent higher, or 23.13 points, at 8,168.1, and the FTSE 250 rose 0.6 percent, or 116.6 points, to 20,625.18.

Rightmove rose 0.9 percent, or 4.6p, to 537p after the company said it had signed a membership agreement with online letting agent OpenRent.

The property portal fell sharply on Tuesday after it announced that OpenRent planned to terminate its lease from September 1 after the two failed to agree terms. Gambling giant Entain extended its post-results lead, adding 1.5 percent, or 8.2p, to 558.2p, as did specialist insurer Beazley, which rose a further 2.5 percent, or 17.5p, to 723p.

Food app Deliveroo rose 5.1 percent, or 7.2p, to 148.1p, helped by an upbeat note from analysts at Deutsche Bank, who raised their price target to 187p.

Broker comments after the results also saw food ordering platform Just Eat Takeaway rise 3.6 percent or 38p to 1,082p, after analysts at Morgan Stanley upgraded its rating to overweight from equal weight.

But FTSE 250-listed issuer Future fell 2.5 percent, or 27p, to 1,040p after analysts Canaccord Genuity cut their sell rating to ‘hold’.

Among small caps, Getech Group rose 33.3 percent, or 0.6p, to 2.4p after the minerals and oil exploration specialist completed a £1.5 million fund raising at a premium, saying trading had improved. Mining-focused investment company Kazera Global rose 37.5 percent, or 0.15p, to 0.55p as it entered into a debt facility agreement with its two largest shareholders. Chief executive Dennis Edmonds said the loans were expected to provide sufficient cash cover to make the company cash generative.

Property services provider Kinovo rose 7.9 percent, or 5.5p, to 75p. The company said it had secured a number of direct contracts from new clients following a successful placement on the National Housing Maintenance Forum framework for planned maintenance, net zero carbon and passive fire safety works.

Gold producer Hummingbird Resources fell 25.9 percent, or 2.2p, to 6.3p, reporting a second-quarter loss despite the gold price being close to an all-time high.