The company, which also owns the Revolucion de Cuba and Peach Pubs brands, launched a formal sale process last month amid efforts to stay afloat
Revolution Bars Group, the troubled bar chain which also owns Revolucion de Cuba and Peach Pubs brands, has revealed that no viable offers have been made to purchase the group.
The company launched a formal sale process last month in a bid to stay afloat, alongside a proposed restructuring plan that included a £12.5million fundraise and the closure of 18 venues. Despite 32 parties agreeing to participate in the process, no proposals were made to buy the entire business.
While some proposals were received for certain assets or subsidiaries, none would result in a financial return for shareholders. The firm’s board said it will continue to explore a potential sale and M&A (merger and acquisition) process, as well as other strategic options including the proposed fundraising and restructuring.
Luke Johnson, former chairman of Pizza Express and Giraffe and a prominent hospitality investor, has backed the fundraising. The chain has struggled due to the cost-of-living crisis impacting consumer finances and regular train strikes affecting its younger customers.
In addition to the formal sale process, Revolution is also in takeover talks with rival operator Nightcap. Earlier in the month, Nightcap, the company behind 46 popular bars including the Cocktail Club and Dirty Martini chains, disclosed that it had an “exploratory meeting” with its larger rival. Nightcap has been given a deadline of May 30 to decide if it will proceed with a formal takeover bid for Revolution.
