No offers for Revolucion de Cuba bar’s owners

No offers for Revolucion de Cuba bar’s owners

Troubled bar firm Revolution said it has not yet had any viable offers to buy the group.

Revolution Bars Group, which also owns the Revolucion de Cuba venue on Belfast’s Arthur Street, launched a formal sale process last month amid efforts to stay afloat.

It came as the company also proposed a restructuring plan, which included a £12.5 million fundraise and the closure of 18 venues.

On Tuesday, the 80-strong hospitality operator confirmed that 32 parties agreed to take part in the process but it did not result in any proposals to buy the whole business.

Revolution said it did receive a “number of proposals” related to certain assets or certain subsidiaries, but none of these “would result in a financial return to shareholders”.

It added that it will continue to assess other strategic options, including the proposed fundraising and restructuring.

The fundraising has been backed by Luke Johnson, the former chairman of restaurant chains Pizza Express and Giraffe, and a prominent hospitality investor.

The bar and pub chain has particularly struggled due to the cost-of-living crisis squeezing consumer finances and regular train strikes affecting its younger customers.

Separately to the formal sale process, Revolution also remains in takeover talks with rival operator Nightcap over a potential deal.

Nightcap has until May 30 to decide whether it will make a formal takeover move for Revolution.