"Disappointed" Nightcap ends offers for Revolution

Late-night operator Nightcap has said that it does not intend to make a revised offer for the Revolution Bars Group estate.

In a statement issued to shareholders, the business led by Sarah Willingham (pictured centre-left) was responding to Revolution Bars Group's rejection of Nightcap's recent acquisition proposal, reported by Pub & Bar on 28 May.

Nightcap says that its offer "presented an improved outcome for Revolution Bars' shareholders and a significantly de-leveraged position for its creditors" and, in direct response to Revolution's reasoning for rejection, says "at no point did Nightcap receive legal advice to suggest that this non-binding proposal was not capable of being delivered."

Nightcap's offer

The board of Nightcap says it believes that its offer, if it had been implemented, would have seen Revolution Bars' £12.5m fundraising (announced on 10 April 2024) replaced by a merger of the two businesses, allowing for Revolution Bars' shareholders to suffer less dilution and achieve more value from their investment.

The offer would have included a fundraising and the implementation of a restructuring plan, outlined in a previous announcement by Revolution, to be followed by a combination of the Nightcap and Revolution Bars businesses, as well as a sale of the Peach Pubs brand.

"Nightcap respects that the board of Revolution Bars wish to pursue a different outcome and as a result Nightcap today confirms that it does not intend to make an offer for the entire issued and to be issued share capital of Revolution Bars," the business says. "This is a statement to which Rule 2.8 of the Code applies."

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