The Deltic Group has issued a statement in response to Revolution Bars Group confirming its decision not to proceed with merger talks.
“Deltic still believes that there is a compelling financial case for a merger between the two companies but respects the decision of the board of Revolution,” the group’s statement said.
“Deltic remains a shareholder in Revolution Bars Group plc and will follow developments closely.
“The board would also like to reiterate that Deltic is a well-run business with a strong financial performance over many years.
“The Revolution merger proposal was only one of several routes that the Deltic directors were exploring in order to take the company forward.
“It continues to believe the late night economy is a good investment and the doubling of profits over the last six years, with approximately the same number of venues, underpins that view.
“Deltic will continue to seek profitable growth both through continued investment in the current business and through a number of possible strategic acquisitions.”