Today’s news in brief – 31/05/24

Revolution Bars 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. As a result, Revolution is now pushing ahead with a plan to restructure certain liabilities.

Nine in 10 hospitality operators say reduced VAT holds the key to their survival, according to a survey conducted by Interpath Advisory and the Restaurants Association of Ireland (RAI). The survey revealed that confidence across the restaurant industry is being tested as 51.2% of respondents expect their revenues will decrease over the coming 12 months. Meanwhile, 90.7% said that their profits would likely fall. 

Red Oak acquired 19 tenanted pubs from Marston’s, marking the third transaction between the two companies in the last 15 months. With this latest acquisition, Red Oak’s portfolio has now grown to 246 pubs.

Leon, has launched the “cheapest” high street coffee subscription, Roast Rewards. For £25 a month, Roast Rewards will allow customers to purchase up to five barista-made drinks a day. The launch comes as coffee drinkers “continue to seek convenience and quality in their daily brew”.