Revolution Bars Group announced yesterday that it had terminated discussions regarding a proposed c£16m acquisition of four bars in Edinburgh, following the European Union referendum result last week.

It said “The group today confirms that, in light of the market uncertainty following the result of the EU referendum, those discussions have been terminated and the group will not be proceeding with the proposed acquisition at this time.”

MCA understands that the company was in talks with the Montpeliers of Edinburgh in regards to acquiring four of its sites. The company said the acquisition would introduce a further brand, which it believes to be capable of being rolled out to other sites.

Shares in Revolution closed down c3% at 170.88p yesterday on the back of the announcement.

Montpeliers’ estate includes its eponymous all-day dining site; burger and cocktail bar format Candy; the Indigo Yard; and its flagship boutique hotel, bar and restaurant, Tigerlilly.

The company, which is led by founder David Wither, also operates late-night venues The Opal Lounge and Lulu; plus boutique hotel & bar Rick’s.