Popular Blackpool bar set for new owners
The Revolution bar in Market Street looks set to get a new owner after the Revolution Group agreed to a Â£101m takeover offer from the Stonegate Pub Company.
Stonegate has offered Revolution shareholders 203p in cash for each of their shares, paying for the deal via a new facility arranged by Barclays.
Earlier this month, rival bars operator Deltic had a bid for Revolution rejected.
Keith Edelman, non-executive chairman of Revolution, said:“We believe that the offer from Stonegate represents an attractive and certain value in cash today for Revolution Shareholders, reflecting the high quality of the business, its people, market position and future prospects.
"The Stonegate proposal provides considerable opportunities for our people and for the business as a whole. Stonegate is an experienced operator that understands Revolution’s ethos with its premium bar offering.”
Ian Payne, chairman of Stonegate, said: “We are delighted to announce this agreement with Revolution, which is a business we know well.” Stonegate, founded in 2010 has 689 sites. Revolution has 68.