Revolution Bars dismisses rival’s offer

● Group already subject to takeover tilt from Stonegate rejects Deltic bid

interest of shareholders at this time”.

It added that it “continues to engage” with Stonegate regarding the possible offer, which was announced on 31 July.

Revolution has said it is facing “well-publicised sector cost headwinds” that have also hit its rivals, including the impact of the living wage and the new apprenticeship levy, as well as an above-inflation increase in business rates.

Chief executive Mark Mcquater told The Scotsman in March that the group was looking to expand in Scotland as it posted a 12.7 per cent year-on-year jump in revenues to reach £66.7m in the six months to 31 December, while pre-tax profit on ordinary activities was broadly flat at £4.6m.

He also said the group had “some proper momentum going”, with growth funded by organic cashflow, adding: “We regard the more affluent and large-demographic parts of Scotland as something we want to participate in. We’re trading really well in Scotland.”

Deltic’s estate consists of 57 clubs, including those operating under the Pryzm, Bar & Beyond, Steinbeck & Shaw and Fiction brands in addition to Atik.