Revolution Bars Group has confirmed that of 42 parties invited to participate in a formal sales process of the business, 32 have agreed and signed an non-disclosure agreement.

Following a General Meeting on 30 April 2024, the group launched a formal sales process in order explore whether this would provide a better outcome for shareholders than a restructuring plan.

Nightcap was one of the companies invited to participate in the process, but declined – though has since announced it is exploring all options with regards to the purchase of certain assets, subsidiaries or brands, or all of the shares of the company.

A Revolution Bars Group spokesperson said: “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.”

The board said it would continue to explore all strategic options, including a proposal for Revolution Bars Limited to be restructured and re-shaped to get it back to positive EBITDA.

The restructuring plan is reliant on completion of the fundraising, which will require the approval of the company’s shareholders in the general meeting, which will now be held at a later date to enable the board to fully update shareholders with respect to the progress of the sales process, M&A process and any other proposals that the company may receive.