Revolution Bars Group has said it is yet to receive a suitable offer as a result of its formal sales process (FSP).

The Revolution, Revolucion de Cuba, and Peach Pubs operator announced the FSP on 10 April 2024 and last updated the market on 7 May, when it confirmed 32 parties had agreed to participate in the process out of the 42 invited. It also confirmed an ‘exploratory’ meeting with bar operator Nightcap.

Last month, the group also set out details of its restructuring plan and the closure of 18 sites, and later announced it had raised gross proceeds from fundraising of approximately £12.5m.

In a statement to the stock exchange today, the group said phase 1 of the FSP has not resulted in any proposals resulting 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.

The group received a number of proposals in relation to the acquisition of “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.”

None of the proposals presented would result in a financial return to shareholders, according to the statement.

The Revolution board continues to explore the FSP and M&A process alongside other strategic options.

As noted in the 10 April announcement, other options include a fundraising supported by existing and new shareholders, conditional upon the successful implementation of a restructuring plan.

Should the restructuring plan proceed and be sanctioned by the court, it would preserve value for current shareholders while “acknowledging the dilutive effect of the Fundraising for those Shareholders who have not participated in it pro rata to their current shareholdings.”

The fundraising will require approval of the company’s shareholders in the general meeting. Shareholder approval would enable the progress of the restructuring plan, but would not preclude directors from exploring other options that may deliver a superior outcome.

The directors will also consider any proposal made by Nightcap.

Further details of the general meeting will be announced in due course.