Revolution Bars boss calls it a night after Stonegate hangover
The chief executive of Revolution Bars has left the firm, just a day after an attempted takeover of the group collapsed.
In a stock market update yesterday, Revolution revealed that Mark Mcquater had resigned with immediate effect.
The move 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 Mcquater has been found, the company confirmed in yesterday’s statement.
Edelman told investors: “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 tieup which would see embattled Revolution own 65 per cent of a combined entity and Deltic the remaining 35 per cent, creating a bar giant with annual sales of more than £270m.