Revolution Bars is in talks with 32 suitors as it hopes to find a buyer that could rescue the struggling hospitality business.
The student hunt operator launched a formal sale process last month, as it struggled with a slowdown in demand from its core customer base of young people.
Today the business revealed that 42 parties were invited to take part in the formal sale process, and 32 have agreed to do so. In addition, Dirty Martini owner Nightcap - which is not part of the formal sale process - says it is “ exploring all options” in regard to buying part or all of Revolution.
While the sales process goes on, Revolution is also launching a restructuring plan, which would lead to it closing 18 bars and cutting hundreds of jobs.
The business said: “The board welcomes the interest of all parties in the group and its businesses and is open to exploring all options that may deliver a superior outcome to the restructuring plan.”
It added: “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[...] restructuring plan alongside a number of additional measures to be implemented across the group to re-shape its business as well as exploring, in parallel, the [formal sale process] and the M&A process, in order to deliver the best outcome for stakeholders.”
Revolution shares gained 9% to 1.8p this morning, leaving the business valued at £7.8 million. At its peak in 2017, the business was valued at around £800 million.
