Bar-room brawl over Revolution ownership

Two firms involved in a bar-room brawl for control of Revolution Bars have tabled fresh proposals for the business.

Slug And Lettuce owner Stonegate said yesterday that it had struck an agreement to acquire Revolution Bars in a £101.5 million deal, but shortly after 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, one of Britain’s biggest nightclub operators, to merge the two firms.

Keith Edelman, nonexecutive chairman of Revolution, said that he believes the Stonegate offer provides “considerable opportunities” for the business as a whole.

Nevertheless, Deltic said that it has been granted access to Revolution’s accounts, which may lead to it tabling another proposal. It added that it continues to believe that Stonegate’s offer “significantly undervalues” Revolution.

Stonegate is the fourthlargest managed pub company in the UK by sites.