Nightcap abandons takeover bid for Revolution Bars

Dirty Martini operator Nightcap has said it will abandon its bid to acquire rival bar chain Revolution.

 

Nightcap submitted a proposal for the troubled bar group on 17 May, but Revolution publicly claimed this week it was “incapable of being delivered”.

 

In a statement this morning, Nightcap said it was "disappointed" in the announcement and had “invested significant time and resources” into a potential merger.

 

It said this would have included a sale of the Peach Pubs brand as well as fundraising and a restructure of the wider business.

 

Nightcap said: “At no point did Nightcap receive legal advice to suggest that this non-binding proposal was not capable of being delivered.”

 

The company confirmed it no longer intends to make an offer for Revolution.

 

Revolution, which is also behind the Revolucion de Cuba and Peach Pubs brands, launched a formal sale process in April after a struggle with trade.

 

This week, the Revolution urged shareholders to vote in favour of a proposed £12.5m fundraise and a restructuring plan that would see around a quarter of its 80 bars close.

 

Revolution shareholders will vote on the plans at a general meeting on 14 June.