Revolution Bars holds takeover talks with rival Nightcap
Troubled bar chain Revolution has confirmed it held talks with rival operator Nightcap over a potential takeover deal.
Revolution Bars Group said on Thursday it held “an exploratory meeting” with Nightcap, which runs 46 bars including the Cocktail Club and Dirty Martini chains.
The firms held discussions around “a range of possible transactions”, including a possible offer for the entirety of Revolution, which also owns Peach Pubs and Revolucion de Cuba venues.
Nightcap said in a statement later on Thursday morning that its options also include potentially buying certain sites, subsidiaries, brands or assets from the larger competitor.
The confirmation followed a report by Sky News that Nightcap and nightclub owner Rekom both expressed an interest in buying all or part of Revolution.
It comes weeks after Revolution announced a major restructuring plan which could see 18 of its bars shut down.
The firm said it had been hammered by cost-of-living pressures and regular train strikes affecting its younger customer base.
Revolution also raised £12.5 million through a fundraise to help support the plan, with backing from investors such as former Pizza Express chairman Luke Johnson.
The group also said it would assess a potential sale last month as it sought to secure its future.
It said in its latest update that Nightcap is not participating in the formal sales process announced at the time.
“There can be no certainty that any firm offer will be made for Revolution Bars Group, nor as to the terms on which any firm offer might be made,” the firm added.
Nightcap said in its separate statement: “The board believes that assessing the options is in line with the company’s ambition to create the UK’s leading bar group by consolidating the drinks-led premium bar segment of the UK hospitality sector through strategic acquisitions.
“The board considers that certain brands of Revolution Bars could be an excellent addition to the Company’s existing portfolio of brands.”
