Future of Revolution Bars uncertain after takeover bid falls apart

Uncertainty over the future of the Revolution bar chain is set to continue after a brand-saving buyout package was rejected by shareholders. This year, the chain has already shuttered 18 bars in an effort to save the business and make it attractive to investors.

Often shortened to Revs, the bar group has struggled following the pandemic to attract enough younger drinkers to continue to drive growth, with one in five young people now avoiding booze altogether. Despite initial interest, bar group Nightcap, which operates Dirty Martini and Cocktail Club venues, has abandoned its bid to save its struggling competitor after their potential merger fell through.

Nightcap expressed "disappointment" that its merger proposal was turned down by the larger hospitality chain earlier this week. Revolution Bars, which operates Revolucion de Cuba and Peach Pubs brands, dismissed the offer on Tuesday, stating it was "incapable of being delivered".

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This follows Revolution's announcement last month of a sale process and major restructuring efforts to remain solvent and ready for sale. The restructuring included raising £12.5 million and shutting down 18 of their 90 sites, which includes the Revolucion de Cuba and Peach Pubs brands.

Revolution clarified on Tuesday that Nightcap's initial non-binding proposal from earlier in the month did not account for the necessary fundraising, necessitating two separate rounds of investment from Nightcap.

On Thursday, Nightcap countered, saying their offer didn't specify a set fundraising sum and they had never been legally advised that their non-binding proposal couldn't be executed.

Nightcap,