Proactive Investors - Revolution Bars Group PLC (LON:RBG) has said talks are ongoing with 32 suitors as the embattled hospitality firm eyes a potential rescue deal.
Each had agreed to enter Revolution’s formal sales process, unveiled last month, the company announced on Tuesday.
Such a takeover of all or parts of Revolution is being explored alongside a restructuring plan, which would likely see a quarter of the chain’s venues closed after it has struggled in the face of muted consumer spending.
“The board welcomes the interest of all parties [...] and is open to exploring all options that may deliver a superior outcome to the restructuring plan,” Revolution said.
These formal talks do not include discussions with Piano Works-owner Nightcap PLC (LON:NGHT), which confirmed alongside Revolution last week that it had registered interest in the chain.
Revolution has previously received commitments for up to £12.5 million worth of funding, with the company explaining on Tuesday this would be accessed if the restructuring plan went ahead.
Approval would be needed from shareholders at the company’s annual meeting, Revolution added, with this having been postponed as rescue options are explored.
“[This] will enable the board to more fully update shareholders with respect to the progress of the formal sales process, merger and acquisition process and any other proposal,” Revolution said.
“The board remains of the view that it is in the best interests of the company to explore all its strategic options, including supporting the proposal of a restructuring plan.”
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