Wednesday 25 April 2018

Revolution Bars boss calls it a night after Stonegate hangover

In a stock market update, Revolution said Mark McQuater has resigned with immediate effect.

Revolution Bars Group plc
Revolution Bars Group plc

By Ravender Sembhy, Press Association City Editor

The chief executive of Revolution Bars has quit the firm, just a day after an attempted takeover of the group collapsed.

In a stock market update, Revolution said Mark McQuater has resigned with immediate effect.

It comes after a majority of Revolution’s shareholders rejected a £101.5 million buyout bid from Slug & Lettuce owner Stonegate on Tuesday.

Revolution chairman Keith Edelman will assume the role of executive chairman until a replacement for Mr McQuater has been found, the company said.

Mr Edelman said: “On behalf of the board, I would like to thank Mark for his contribution to the success of Revolution.

“The business and brands have grown and developed over his four-and-a-half-year tenure as CEO and the business is well positioned for its next period of growth. We wish him well for the future.”

The botched takeover attempt from Stonegate leaves the door open for Deltic, Britain’s biggest nightclub operator, which is now expected to reignite its interest in a merger with Revolution.

It is thought that Deltic will again push for an all-paper tie-up which would see embattled Revolution own 65% of a combined entity and Deltic the remaining 35%, creating a bar giant with annual sales of more than £270 million.

Press Association

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