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Tue 28th Jun 2016 - Revolution Bars Group ends £16m acquisition talks in light of Brexit
Revolution Bars Group ends £16m acquisition talks in light of Brexit: Revolution Bars Group, which operates 62 sites across the UK, under the Revolution and Revolución de Cuba brands, has announced it has terminated talks over a proposed £16m acquisition of four Edinburgh bars in light of market uncertainty following the EU referendum. The company said on Friday (24 June) it was in discussions over the deal, which would have resulted in the introduction of a further brand, capable of being rolled out to other sites. However, the company stated today (Tuesday, 28 June): “The group confirms that, in light of the market uncertainty following the result of the EU referendum, those discussions have been terminated and the group will not be proceeding with the proposed acquisition at this time.” Revolution previously said the four bars concerned reported an aggregate site Ebitda of £3.3m for the year ending 26 April 2015 and Revolution said the acquisition would significantly enhance the group’s earnings for the year ending 30 June 2017, and would enlarge the group’s portfolio of bars. The deal was expected to be funded via new debt, a relatively small placing of new ordinary shares for cash and the issue of ordinary shares to the vendors. The company also said it was continuing to trade well in the second half of the financial year ending 30 June 2016 following its strong performance in the first half. Its site opening programme for the financial year ending 30 June 2017 was also progressing ahead of schedule.

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