Revolution Bars Rejects Bid from Nightcap, Describing Offer as “Incapable of Being Delivered”

Revolution Bars, the company behind popular brands like Revolucion de Cuba and Peach Pubs, has recently made headlines after rejecting a proposed offer from rival Nightcap. The bid was deemed “incapable of being delivered” by Revolution Bars, who are currently in the midst of a sale process and significant restructuring plans in an effort to stay afloat.

The troubled chain had launched these restructuring plans last month, which included fundraising efforts totaling £12.5 million and the closure of 18 venues. Despite already securing a fresh investment of £12.5 million from backers like former Pizza Express chairman Luke Johnson, Revolution Bars stated that the non-binding proposal from Nightcap did not include this cash injection and would require two separate funding rounds from the rival company.

The Nightcap offer was deemed unworkable by Revolution Bars due to its highly conditional nature, reliance on assumptions related to support from Nightcap’s lenders, and the time and cost pressures involved. However, Revolution Bars remains open to considering future proposals from Nightcap or other firms.

With Nightcap operating 46 bars in the UK, including the Cocktail Club and Dirty Martini chains, the competition in the hospitality industry remains fierce. Revolution Bars will now focus on gaining shareholder support for its restructuring and funding plan to avoid facing liquidity pressures from July onwards.

As the company navigates these challenges, shareholders and industry observers will be closely watching to see how Revolution Bars continues to adapt and evolve in the ever-changing landscape of the hospitality sector.