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Mon 31st Jul 2017 - Stonegate Pub Company bids to buy Revolution
Stonegate Pub Company bids to buy Revolution: The board of Revolution Bars Group has announced that it has received a conditional proposal from Stonegate Pub Company to acquire the entire issued and to be issued share capital of Revolution on a recommended basis at an offer price of 200 pence per share (in cash). The bid, if successful, would mean another meaningful step for Stonegate, the UK’s largest privately owned managed pub company, in terms of consolidation of wet-led high street bar and pub sector. Revolution stated: “Discussions between Revolution and Stonegate are ongoing regarding the details of the proposal and Stonegate is undertaking its due diligence review. There can be no certainty that any offer for the company will be made, nor as to the terms on which any offer might be made. This announcement is being made by Revolution without the prior agreement or approval of Stonegate. The move comes just over six months after Stonegate acquired Walkabout operator Intertain. Earlier this month, Revolution Bars Group reported total sales for the 52 weeks to 1 July increased by 9.2% to £130.4m (2016: £119.5m). Like-for-like sales rose by 1.5%, down from the 1.7% reported after 44 weeks. The terrorist attacks in Manchester on 22 May and in London on 3 June impacted business during the days that followed, particularly in the north west where the group has a significant number of venues – five in central Manchester and five in Liverpool. Like-for-like sales growth has since strengthened, up by 2.7% over the most recent six weeks. As planned, the group opened six new bars in the period. Revolución de Cuba bars at Harrogate, Reading, Aberdeen and Glasgow, all of which were opened in the first half, were followed by new Revolution bars in Southend (late April) and Torquay (late May). Average weekly sales for the bars opened during the period were ahead of the board’s expectations. The group currently trades from 68 sites, 54 under the Revolution format and 14 under the Revolución de Cuba format. Revolution plans to open six new bars in the new financial year, including Belfast that has just opened, split equally between the two brands.”


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