Bar group board consider partial sale of business

14/05/2024

REVOLUTION Bars Group is exploring the prospect of a partial sale after talks with 32 suitors did not result in any proposals for the whole business.

Last week, the firm announced it had invited 42 parties to take part in a formal sale process, of which 32 agreed to do so.

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However, an announcement from the company this morning says the process “has not resulted in any proposals relating to the acquisition of the entire issued share capital of the Company, or the acquisition of the Company’s assets as a whole via a single transaction”.

It added: “The Group has received a number of proposals in relation to certain of the Company’s assets, including, but not limited to, the acquisition of certain of its subsidiaries and/or the businesses and/or assets owned or operated by certain of the Company’s subsidiaries.”

Nightcap, which owns cocktail bar chain Dirti Martini, has previously held a meeting with Revolution to discuss the sale of the business.

It was not part of the formal sale process and has until 5PM on May 30 to make an offer or announce a firm intention to do so.

The company owns eight bars in England and one in Wales, as well as Revolution on Aberdeen’s Belmont Street, plus a Revolucion de Cuba nearby in The Academy.

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