Revolution rejects offer from Nightcap plc

Following months of speculation of the future of its pub and bar estate, the board of Revolution Bars Group has rejected an acquisition proposal from late-night operator Nightcap.

Trading mainly under the Revolution, Revolucion de Cuba and Peach Pubs brands, Revolution says it rejected the Nightcap offer because it was "incapable of being delivered". 

"There were a number of challenges to the delivery of the Nightcap proposal, which was a highly conditional proposal and which was subject to multiple equity fundraisings by Nightcap, assumptions regarding the support of the company’s and Nightcap’s respective lenders, material due diligence, as well as significant time, material cost and potential untested legal and procedural issues," Revolution said in a statement.

In the absence of any proposal that would deliver a better outcome for the company’s stakeholders, the Revolution board says it now firmly believes that it is in the best interests of the company to support the proposal of a Restructuring Plan alongside a number of additional measures to be implemented across the group to re-shape its business. 

This will require a fundraising approval by the company’s shareholders, details of which will be posted in the coming days.

The business says it remains open to considering any future proposal from Nightcap or any other party, following completion of the Restructuring Plan, at which time the company would have been recapitalised. 

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