Revolution Bars Group has confirmed it has held an ‘exploratory’ meeting with Nightcap regarding a range of possible transactions.
This includes a possible offer for the entire issued and to be issued ordinary share capital of Revolution.
As announced by Revolution on 10 April, Nightcap - which operates brands including Dirty Martini, Barrio, and Tonight Josephine - is not participating in the formal sales process.
In a statement to the Stock Exchange today (2 May), Revolution further said: “There can be no certainty that any firm offer will be made for Revolution Bars Group, nor as to the terms on which any firm offer might be made.”
The statement comes after Sky News reported yesterday (1 May) that Rekom and Nightcap have expressed interest in buying the group. A number of private equity firms are also said to have been planning to submit offers ahead, according to Sky News.
Revolution added: “Nightcap is required, by no later than 5.00 p.m. (London time) on 30 May 2024, being 28 days after today’s date, to either announce a firm intention to make an offer for Revolution Bars Group…or announce that it does not intend to make an offer. This deadline can be extended with the consent of the Takeover Panel in accordance with Rule 2.6(c) of the Code.”
A further announcement will be made as and when appropriate.
Earlier this week, the Revolucion de Cuba and Peach Pubs operator announced it has raised gross proceeds from fundraising of approximately £12.5m.
The investment is part of previously announced plans to raise new funding by way of a firm placing, subscription, placing and open offer, all at an issue price of 1 pence per new ordinary share.
The fundraising remains conditional on the approval by shareholders of the fundraising resolutions at the company’s general meeting, which has been postponed and is now expected to be held on 20 May 2024.
