Revolution considering acquisition of Deltic

Revolution Bars Group has confirmed it is in "the very preliminary stages" of considering an acquisition of the Deltic Group.

Revolution added it is "only in very preliminary dialogue" with Deltic and "no agreement has been reached", so there can be no certainty as to the terms, timing or structure of any such transaction, nor as to whether any such transaction will occur.

Deltic, which runs 57 nightclubs and bars and is Revolution's major competitor in the late-night market, made an ultimately failed approach to buy Revolution Bar Group last year, costing the business £1.1m for the aborted process.

After months of back-and-forth offers between Revolution, Deltic and Stonegate, Stonegate dropped its £101.5m takeover offer after it emerged that 54% of Revolution's shareholders voted against the deal. Chief executive Mark McQuater resigned shortly afterwards and has been replaced by Rob Pitcher.

Deltic acquires 3% stake in Revolution Bars >>

Stonegate walks away after Revolution Bars Group shareholders reject £101.5m offer >>

Deltic hails wet-led recovery after reporting £1.1m rise in EBITDA >>

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