Nightcap considering range of options for Revolution Bars Group

Nightcap, a London-based business set up to acquire, recapitalise and develop drinks-led companies, has confirmed its interest in Manchester-based Revolution Bars Group.

Last month Revolution revealed it was actively exploring all strategic options to improve its future prospects, which included a restructuring plan for certain parts of the group, a sale of all or part of the group and any other avenue to maximise returns for stakeholders.

This morning (May 2) Revolution responded to press speculation, confirming it has had an “exploratory meeting” with Nightcap.

Now, Nightcap confirmed it is assessing a number of possible options regarding Revolution.

It said these could include the acquisition of certain sites of Revolution Bars, the acquisition of certain operating subsidiaries, a possible share for share offer for the entire issued and to be issued share capital of Revolution Bars, the acquisition of certain brands of Revolution, or the acquisition of certain assets of Revolution Bars.

It said its evaluation of the options is at a relatively early stage.

In a stock exchange announcement Nightcap said: “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.”

Nightcap said it notes that Revolution is currently in a formal sale process, but has decided not to participate in this formal sale process at this time.

Nightcap has until May 30 to either announce a firm intention to make an offer for Revolution, or that it does not intend to make an offer.