MARKET REPORT: Cheers! Revolution Bars restructuring approved

As the weekend approaches, an overnight favorite found gains after some much-needed good news.

Revolution Bars rose after revealing its long-term future was secured as its restructuring plans received High Court approval.

The owner of the eponymous bar chain, as well as the De Cuba sites, may modify the secured loan facilities, get rid of some loss-making sites and implement rent reductions at some others.

Bosses said the restructuring will boost Revolution Bars’ pre-tax profits by £3.8m annually, a major boost after struggling in the wake of the pandemic.

Revolution will also benefit from modified obligations on £30m of debt to lender NatWest, including a write-off of £4m, as well as having more time to pay taxes.

Revolution rose 18.2 per cent, or 0.2 pence, to 1.3 pence. A volatile week for markets ended on a subdued note. The FTSE 100 index closed up 0.3 per cent, or 23.13 points, at 8168.1, and the FTSE 250 rose 0.6 per cent, or 116.6 points, to 20625.18.

Rightmove rebounded 0.9 percent, or 4.6 pence, to 537 pence after announcing it had signed a membership deal with online lettings agent OpenRent.

The property portal fell sharply on Tuesday after announcing that OpenRent planned to terminate its contract with effect from September 1 as the two companies had failed to agree terms. Gambling giant Entain extended its post-results advance, adding 1.5 per cent, or 8.2 pence, to 558.2 pence, as did specialist insurer Beazley, which rose another 2.5 per cent, or 17.5 pence, to 723 pence.

Food app Deliveroo gained 5.1 percent, or 7.2 pence, to 148.1 pence, helped by a bullish note from Deutsche Bank analysts who upgraded their target price to 187 pence.

Traders’ comments after the results also boosted food ordering platform Just Eat Takeaway, which rose 3.6 percent, or 38 pence, to 1,082 pence after analysts at Morgan Stanley raised their rating to overweight from equal weight.

But FTSE 250-listed publisher Future fell 2.5 per cent, or 27 pence, to 1,040 pence after analysts at Canaccord Genuity downgraded their stance from hold to sell.

Among small-caps, Getech Group rose 33.3 percent, or 0.6 pence, to 2.4 pence after the minerals and oil exploration specialist completed a 1.5 million pound fund raise at a premium as it said operations had improved. Mining-focused investment firm Kazera Global rose 37.5 percent, or 0.15 pence, to 0.55 pence after signing a debt facility agreement with its two largest shareholders. Chief Executive Dennis Edmonds said the borrowings are expected to provide sufficient cash cover for the company to be able to generate cash.

Property services group Kinovo added 7.9 per cent, or 5.5p, to 75p as it revealed it had received a number of direct awards from new clients following its successful placement within the National Home Maintenance Forum framework for Planned Maintenance, Net Zero Carbon and Passive Fire Safety Works.

Gold producer Hummingbird Resources fell 25.9 percent, or 2.2 pence, to 6.3 pence as it reported a second-quarter loss even with gold prices near an all-time high.