Revolution shareholders reject Stonegate bid

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Drinks: Drinks
Other: Business

The battle for Revolution Bars Group looks to be over as shareholders voted to reject Stonegate’s £101.5 million cash offer.

A court meeting and the general meeting held earlier today saw almost 40% of shareholders voted against the 203p per share deal.

Revolution said it was now focused on the upcoming Christmas trading period. In a statement released today, it said: ‘The board remains confident regarding the underlying strength of the Revolution business and its ability to operate and grow as a standalone business, not least given the scale and strength of Revolution’s new venue pipeline and the returns achieved by new venues opened in the last two years.

‘The board considers that its clear and focused strategy, the quality of Revolution’s sites and customer proposition, and the talent within the business, leave the business well placed for further growth.

‘Revolution is proud that it has delivered 16 consecutive quarters of like-for-like sales growth.  The board is pleased that the management team is now able fully to focus on running the business, starting with the successful delivery of the important Christmas trading period.’

Last week the company also rejected merger proposals from nightclub operator Deltic. It had offered a model where Revolution shareholders would own 65% and Deltic 35% of the ‘enlarged group’. However, the Revolution board rejected its proposal, saying it was seeking a cash offer.

About Author

Claire Dodd

As a freelance journalist, Claire has written about pretty much any topic you can imagine, from which are the best sausages, to how to flood-proof your home. However, her writing on drinks began when she landed a job as a features writer for the Publican magazine in 2007. Adjusting to a lifestyle of sampling the best drinks from around the world was tough, but someone had to do it. Having left the title in 2011, today Claire focuses on drinks and travel writing for both consumer and trade titles. Aside from searching the globe for the best drinks, and the nicest spots to consume them, she also judges global brewing competitions and keeps an eye on the business moves of the on-trade.

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