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Fri 7th Sep 2018 - Revolution confirms talks to buy Deltic
Revolution confirms preliminary talks to buy Deltic: Revolution Bars Group, operator of 74 premium bars trading under the Revolution and Revolución de Cuba brands, has confirmed it is in early stage talks to acquire The Deltic Group. Revolution Bars Group issued a statement following press speculation regarding a potential transaction with The Deltic Group and the movement in the company's share price. It stated: “The board confirms it is in the very preliminary stages of considering a transaction involving a possible acquisition of Deltic. The board also clarifies that it is only in very preliminary dialogue with Deltic regarding such a potential transaction. Furthermore, no agreement (in principle or otherwise) has been reached with Deltic regarding such a transaction, so there can be no certainty as to the terms, timing or structure of any such transaction, nor as to whether any such transaction will occur at all.” The Deltic Group, led by chief executive Peter Marks, made an approach for Revolution Bars Group in October last year. At the time, Revolution Bars Group was pursuing an ultimately unsuccessful £101m merger with Stonegate Pub Company. Both sides were restricted from re-entering talks with Revolution Bars Group for six months. After being rebuffed, The Deltic Group, which operates 57 venues, snapped up a 3% stake in Revolution Bars Group. Marks pulled The Deltic Group out of the ashes of nightclub group Luminar in a £34m rescue in 2011. Earlier this year The Deltic Group was reported to be revisiting plans for a potential float. The company put plans for a stock offering on hold last year because of challenging trading conditions. 


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