Rival firms table fresh offers for bar group
Two firms involved in a battle for control of struggling Revolution Bars have tabled fresh proposals for the nightclub operator.
Slug And Lettuce owner Stonegate said yesterday that it had struck an agreement to acquire Revolution Bars, which has just opened one of its Revolucion de Cuba bars in Belfast, in a £101.5m deal, but shortly afterwards rival Deltic Group said that it was also “evaluating a possible cash offer” for the group.
Revolution has accepted Stonegate’s offer and earlier this month rejected overtures from Deltic to merge the two firms.
Keith Edelman, non-executive chairman of Revolution, said that he believes the Stonegate offer provides “considerable opportunities” for the business as a whole.
Deltic said that it has been granted access to Revolution’s accounts, which may lead to it tabling another proposal.