Revolution Bars receives 42 expressions of interest in buying assets

Revolution Bars Group, the struggling AIM listed pubs and bar operator received 42 serious expressions of interest in buying assets either brands or assets, of which 32 signed confidentiality agreements.

One, Nightcap PLC, didn’t sign an NDA, but has gone public on its interest in exploring all options with regards to the purchase of certain assets, subsidiaries or brands, which include Revolution, Revolucion de Cuba and the Peach Pubs brand.

In April Revolution said it was pursuing a twin track rescue and restructuring deal with £3m backing from entrepreneur Luke Johnson and up to £10.5m from other existing shareholders and investors.

A proposed fundraising will seek to raise up to £10.5 million. But the company has delayed its special annual general meeting to decide on the best course of action

Cornerstone investments of £9.5 million have been secured and include £3m from Luke Johnson, £3m from the Robus Recovery Fund II and £3.5 million from three key existing shareholders.

In a statement to the stock market this morning Revolution said: “Following announcement of the FSP, 42 parties, including Nightcap plc (“Nightcap”), were invited to participate in the FSP, of which 32 agreed to participate in the FSP and sign an NDA.  Nightcap declined to participate in the FSP but has since announced that it is also exploring all options with regards to the purchase of certain assets, subsidiaries or brands of the Group or all of the issued and to be issued shares of the Company.”

It added: “The Board welcomes the interest of all parties in the Group and its businesses and is open to exploring all options that may deliver a superior outcome to the Restructuring Plan.”