Revolution Bars Group has announced that chief executive Mark McQuater is to step down from the board and leave the business with immediate effect.

Keith Edelman, Revolution’s chairman, will assume the role of executive chairman until a suitable replacement is found.

Edelman said: “On behalf of the board, I would like to thank Mark for his contribution to the success of Revolution. The business and brands have grown and developed over his four and a half year tenure as CEO and the business is well positioned for its next period of growth. We wish him well for the future.”

It follows a vote by shareholders to reject a £101.5m bid for the company by Stonegate. A proposed merger with Deltic was not put to the vote after failing to win the support of the Revolution board.

Meanwhile, another shareholder has spoken to MCA – criticising the bids for Revolution and backing it as an independent business.

Connor Davidson, a private investor, told MCA: “The fundamental problem with the bids for Revolution were that they were greedy bids. Stonegate stood to profit substantially from integrating Revolution though purchasing power improvements and central cost synergies while Deltic got this in addition to rapidly deleveraging by absorbing debt free Revolution.

“At 203p shareholders are only being offered an uninspiring valuation for Revolution as it currently exists before synergies. I always viewed the bid as opportunistic.

“Revolution Bars is an excellent business that I expect will be ultimately sold at a much more attractive valuation that I, for one, am very willing to hold out for.”