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Tue 15th Aug 2017 - Revolution rebuffs Deltic Group proposal to merge
Revolution rebuffs Deltic Group proposal to merge: Nightclub operator Deltic Group has been rebuffed by Revolution Bar Group over a proposed all share merger. A statement by Deltic said: “Revolution has determined that it does not wish to engage in discussions with Deltic on this basis, so denying its own shareholders the opportunity to consider a choice between exploring the benefits of a potential merger with Deltic and the possible Stonegate offer. Deltic is disappointed by this outcome and believes that Revolution shareholders should be aware of alternatives to the possible Stonegate offer. Subsequent to this announcement, Deltic would encourage Revolution to reconsider its position and engage in meaningful discussions with Deltic towards the pursuit of a potential merger.” At the end of July, Revolution Bars Group announced that it had 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). At the time, Revolution stated: “Discussions between Revolution and Stonegate are ongoing regarding the details of the proposal and Stonegate is undertaking its due diligence review. Last month, Revolution 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.”

Mamarosa to debut in UK: Shoreditch Village has announced the signing of Mamarosa, expanding the restaurant from its pioneering location beneath the prestigious five-star W hotel in Barcelona and debuting it in the UK. The new two-storey 1,950 sq ft Italian and Mediterranean fusion restaurant will be positioned adjacent to the citizenM boutique hotel and is due for completion in 2018. The restaurant is a favourite among celebrities such as Lewis Hamilton, Eva Mendes, Hugh Grant, and Shakira. Mamarosa Shoreditch is the second restaurant of its brand name to be delivered by Dotel Clear Group and follows the success of Mamarosa Beach, which was established in 2011. The new restaurant will serve signature dishes such as tuna tartar with avocado cream and passion fruit, milanesa of chicken with arugula, and black angus loin, alongside a selection of pizzas, fine wines, cocktails and live music. Mamarosa will shortly be looking to appoint a Head Chef for the London venture, with the recruitment and training being overseen by the current executive chef of the Beach venue. Dominic White, managing director of Shoreditch Village, said: “We are delighted that Mamarosa has chosen our site as the destination from which to grow their brand and legacy out of Spain. The new restaurant will add to the vibrancy of our public space as we work to connect to the surrounding streets and curate a thoughtful tenant mix made up of expanding and independent businesses.” Dotel Clear Group was established in 2010 by Francesco Labriola and two of his long-term friends. Their shared passion for international food and culinary hotspots led them to devise the concept for the Mamarosa restaurant. Francesco Labriola, owner of Mamarosa, added: “Mamarosa Beach has been an incredible success, and we are very much looking forward to replicating this with our Shoreditch restaurant. Our long-term development plan is to expand in locations with real character, and Shoreditch Village appealed to us as a visionary project within London’s creative hub.”

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