Brexit puts stop on £16m Revolution Bars deal

REVOLUTION Bars Group  has pulled out of discussions to buy four bars in Edinburgh, blaming market uncertainty following the result of the EU Referendum.

The news comes just three days after the group first announced its plans to acquire the bard for around £16m.

In a stock market statement it said: “The group today confirms that, in light of the market uncertainty following the result of the EU Referendum, those discussions have been terminated and the group will not be proceeding with the proposed acquisition at this time.”

The Ashton-under-Lyne company operates 62 premium bars across the UK, under two brands – Revolution and Revolución de Cuba.

The proposed acquisition would have introduced a new brand to the group portfolio, and, according to the group have significantly enhance earnings in the next financial year.

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