Revolution Bars ends formal sales process
Alongside this, the company confirmed the M&A process will progress if fundraising cannot be achieved and the restructuring plan is no longer able to progress
Revolution Bars has announced that it has ended its formal sales process after it did not receive any proposals relating to the acquisition of the entire issued and to be issued share capital of the company.
It comes just days after the company turned down what it called a “highly conditional” offer from rival Nightcap.
The company held an exploratory meeting with Nightcap regarding a range of possible transactions, including a possible offer for the entire ordinary share capital of the group.
As a result Revolution is now pushing ahead with a restructuring plan to restructure certain liabilities.
This includes amending and extending the group’s secured lending facilities, exiting the leases of certain loss-making sites, and proposing a rent reduction on certain other sites.
The board expects the restructuring plan to return the company to profitability, leading to a £3.8m improvement in group adjusted EBITDA in FY25.
Alongside this, the company confirmed the M&A process will progress if fundraising cannot be achieved and the restructuring plan is no longer able to progress.
