Revolution Bars in talks with 32 potential buyers for the business

Revolution Bars Group has said it is in talks with over 30 interested parties as it looks to find a buyer to rescue the business.

The group, which is behind the Revolution de Cuba and Peach Pubs brands, launched a formal sale process last month after struggling with a drop in late-night trade.

In an update, the business said 42 parties were invited to take part in the process, of which 32 agreed and signed a non-disclosure agreement.

Dirty Martini and Cocktail Club operator Nightcap declined to take part in the sale, but last week said it was “exploring all options”, including acquiring certain sites or Revolution brands.

Alongside the sale process, Revolution has also proposed a restructuring plan that could see almost a quarter of its 80 sites close.

This will go ahead if a multimillion-pound fundraising plan is approved at the company’s general meeting, which was postponed last month.

Revolution said in a statement: “The board welcomes the interest of all parties in the group and its businesses and is open to exploring all options that may deliver a superior outcome to the restructuring plan.”