Slug and Lettuce owner in £100m swoop for Revolution Bars

Manchester-based Revolution Bars Group – the operator of Revolution and Revolución de Cuba brands – looks set to be bought by Stonegate Pub Company for about £100m.

The board of listed Revolution said it has received a conditional proposal from Luton-based Stonegate, which owns the Slug and Lettuce, and Yates’s brands for an offer price of 200 pence per share in cash.

A statement said: “Discussions between Revolution and Stonegate are ongoing regarding the details of the Proposal and Stonegate is undertaking its due diligence review.

“There can be no certainty that any offer for the Company will be made, nor as to the terms on which any offer might be made.”

Stonegate now has until August 28 to come up with firm offer.

Revolution confirms that it currently has has 50,000,000 ordinary shares of 0.1 pence each in issue and admitted to trading on the London Stock Exchange.

Last week, Revolution said that despite terrorist attacks in Manchester and London, it had enjoyed a 9.2% increase in sales to £130.4m in the 44 weeks to July 1.