Thu 2nd May 2024 - Nightcap – we’re assessing a number of options for Revolution Bars Group Nightcap – we’re assessing a number of options for Revolution Bars Group: Nightcap ­– owner of the Cocktail Club, the Adventure Bar Group, Dirty Martini and the Barrio Familia group of 46 bars – has said it is “assessing a number of options” for Revolution Bars Group – the operator of the Revolution, Revolución de Cuba and Peach Pubs brands. Nightcap was responding to an announcement today (Thursday, 2 May) by Revolution Bars Group that exploratory talks had been held by the two businesses following a report by Sky News that Nightcap and Rekom, the nightclub and bar operator, have shown an interest in purchasing part or all of Revolution Bars Group. Nightcap stated: “The board of Nightcap has been following events at Revolution Bars over the past few weeks. In response to the announcement by Revolution Bars, Nightcap confirms that it is assessing a number of possible options, which, among other things, could include: (i) the acquisition of certain sites of Revolution Bars; (ii) the acquisition of certain operating subsidiaries of Revolution Bars; (iii) a possible share for share offer for the entire issued and to be issued share capital of Revolution Bars; (iv) the acquisition of certain brands of Revolution Bars; or (v) the acquisition of certain assets of Revolution Bars. Nightcap's evaluation of the options is at a relatively early stage. 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. The board of Nightcap notes that Revolution Bars is currently in a formal sale process pursuant to the Takeover Code. Nightcap has decided not to participate in this formal sale process at this time. This announcement is not, and should not be construed as being, an announcement of a firm intention by Nightcap to make an offer for Revolution Bars under rule 2.7 of the Takeover Code. As stated in the announcement made by Revolution Bars on 2 May 2024, in accordance with rule 2.6(a) of the Takeover Code, by 5pm (London time) on 30 May 2024 Nightcap is required to announce either a firm intention to make an offer for Revolution Bars under rule 2.7 of the Takeover Code or that it does not intend to make an offer for Revolution Bars, in which case the announcement will be treated as a statement to which rule 2.8 of the Takeover Code applies, unless Revolution Bars and the panel on takeovers and mergers has consented to an extension of this deadline in accordance with rule 2.6(c) of the Takeover Code. A further announcement will be made as and when appropriate.” Based on unaudited interim results for the 26 weeks ended 30 December 2023 announced last month, Revolution Bars Group generated revenue of £82.3m and profit before tax of approximately £3.1m. Revolution Bars had an unaudited total asset value of approximately £133.0m at 30 December 2023. Revolution Bars Group features in the Propel Turnover & Profits Blue Book, which is available exclusively to Premium Club members. Revolution Bars Group’s turnover of £152,551,000 for the year ending 1 July 2023 is the 72nd highest in the database. The Blue Book ranks companies by turnover, profit and profit conversion, listing directors’ earnings for the past five years. Companies can now have an unlimited number of people receive access to Propel Premium for a year for £995 plus VAT – whether they are an operator or a supplier. The single subscription rate is £495 plus VAT for operators and £595 plus VAT for suppliers. Email kai.kirkman@propelinfo.com to upgrade your subscription.