Revolution Bars has rejected a proposed offer from rival Nightcap – describing its bid as “incapable of being delivered”.

The troubled chain, which also runs Revolucion de Cuba and Peach Pubs, launched a sale process and significant restructuring plans last month amid efforts to stay afloat – including £12.5m in fundraising and closing 18 venues.

Revolution said the non-binding proposal earlier this month did not include this proposed cash injection, and would instead require two separate funding rounds from Nightcap.

While the company says it has already secured a fresh investment of £12.5m – with backers including former Pizza Express chairman Luke Johnson – it will need to gain shareholder backing during a vote at its next general meeting.

The firm said the Nightcap offer would not work as it was “highly conditional”, required assumptions related to support from Nightcap’s lenders, and also involved time and cost pressures.

Read more from business:
Inflation in UK shops now back at ‘normal levels’
Post Office scandal: 80 detectives set to investigate
Indian pharma group readies swoop on Nicotinell

Be the first to get Breaking News

Install the Sky News app for free

Nightcap has 46 bars in the UK, including the Cocktail Club and Dirty Martini chains.

Revolution said it would move forward in attempting to gain shareholder support for its restructuring and funding plan, but “remains open” to considering any future proposals from Nightcap or other firms.

It added: “Without the additional funding proposed to be raised in connection with the fundraising and without the cost savings delivered through the proposed restructuring plan, the board anticipates that the group will face liquidity pressures from [July] onwards.”

Related posts:

Nokia to cut up to 10,000 jobs as it ploughs investment into battle for 5G One in ten firms passing on higher prices to customers as cost of living pressures build Tesla shares fall after Elon Musk’s plan to offload 10% of his stock is backed by Twitter users Wealth manager Succession joins industry deal rush with £400m sale plan GSK picks ex-Tesco chief Lewis to lead £40bn consumer spin-off Social media influencer agency Goat looks to click with £400m suitor Auditor EY hit by £2bn negligence claim over NMC Health collapse Chelsea FC sale: Boehly-led group set for exclusive talks to clinch £4bn deal Prepare for blackouts on cold weekday evenings, public warned Carmakers’ anger over possible climate handbrake turn is not just hot air Buyout rivals join race to buy The Body Shop TalkTalk gets arms around Shell broadband base in deal with Octopus