Suitor puts Revolution Bars’ shares in a spin

0 Revolution Bars boss Mark Mcquater said in February that the group had ‘proper momentum’ Shares in the Revolution Bars Group surged yesterday after the fast-growing chain revealed that it had received a takeover approach from the Stonegate Pub Company.

The shares closed up 44 per cent or 56p at 181p when the group, whose 66 outlets include sites in Edinburgh, Aberdeen and Glasgow, issued a stock exchange statement saying it had received a “conditional proposal” from Stonegate to acquire the company at 200p per share.

“Discussions between Revo- lution and Stonegate are ongoing regarding the details of the proposal and Stonegate is undertaking its due diligence review”, it said.

Revolution Bars chief executive Mark Mcquater said in February that core earnings jumped 13 per cent to £9.2m in the six months to end-december 2016, as revenue rose 12 per cent to £66.7m. The group, which also includes the Revolucion de Cuba brand, said at its interim results that sales in the eight weeks to 25 February rose 1.7 per cent.