Revolution confirms ‘exploratory meeting’ with Nightcap
Revolution Bars Group, which operates bars and gastropubs mainly under the Revolution, Revolución de Cuba and Peach Pubs brands, issued a statement after speculation from Sky News suggested Nightcap and late-night operator Rekom have expressed an interest in buying part or all of the Revolution group.
Revolution stated: “The board of Revolution Bars Group notes the recent press speculation and confirms that it has held an exploratory meeting with Nightcap regarding a range of possible transactions including a possible offer for the entire issued and to be issued ordinary share capital of Revolution Bars Group.
No certainty of any offer
“Nightcap is not participating in the formal sales process, as announced on 10 April 2024.
“There can be no certainty that any firm offer will be made for Revolution Bars Group, nor as to the terms on which any firm offer might be made.”
Nightcap, which operates about 50 bars under brands including The Cocktail Club, Barrio Familia, the Adventure Bar Group and The Piano Works brands, did not give The Morning Advertiser any comment at the time of publication.
Revolution said it was issuing its comments without the consent of Nightcap and added the Sarah-Willingham-led business was required to “either announce a firm intention to make an offer for Revolution Bars Group… or announce it does not intend to make an offer” under the code on takeovers and mergers of the London Stock Exchange by 5pm on 30 May 2024, with the potential of the deadline being extended.
Restructuring plan
Revolution added a further announcement will be made as and when appropriate.
The group, which is led by CEO Rob Pitcher, recently announced a restructuring plan that involved raising £12.5m while launching a formal sales process.
Pitcher said at the time: “Following a period of macro-economic and external challenges, which has impacted both the company and disproportionately its Revolution brand’s young customer base and consequently our trading, the board has had to consider all strategic options for the group to improve its future prospects and provide the best outcome for all stakeholders.”
