Over 30 parties interested in Revolution

Following a sizeable amount of speculation over the future of its estate, Revolution Bars Group has revealed that a total of 32 parties have participated in its formal sales process (FSP).

The operator of Revolution, Revolucion de Cuba and Peach Pubs confirmed the news in an update to shareholders, further to recent announcements and the postponement of its General Meeting.

Following the announcement of the FSP, 42 parties, including Nightcap plc, were invited to participate, of which 32 agreed. 

Nightcap declined to participate in the FSP, but has since announced that it is also exploring all options with regards to the purchase of certain assets, subsidiaries or brands of Revolution, or all of the issued and to be issued shares of the company.

As is customary and in order to protect Revolution's confidential information and other interests, parties seeking to participate in the FSP were required to enter into a non-disclosure and standstill agreement (NDA).

"The Board remains of the view that it is in the best interests of the company to explore all its strategic options, including supporting the proposal by Revolution Bars Limited, a subsidiary of the group, of a restructuring plan alongside a number of additional measures to be implemented across the group to re-shape its business, as well as exploring, in parallel, the FSP and the M&A process, in order to deliver the best outcome for stakeholders," says the group in its shareholder update. 

"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, which will enable the board to more fully update shareholders with respect to the progress of the FSP, M&A process and any other proposals that the company may receive."

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