A formal sale process initiated by hospitality group Revolution Bars Group plc has failed to yield a suitable offer.
Revolution announced the hunt for a potential rescue deal earlier this month, with 32 potential buyers lined up.
Today, the group said the first phase of the process “has not resulted in any proposals relating to the acquisition of the entire issued share capital of the company, or the acquisition of the company's assets as a whole via a single transaction”.
Revolution said it has received “a number of proposals” to buy certain assets of the group, “however, none of the proposals presented (or any combination thereof) would result in a financial return to shareholders”.
The board continues to pursue “other strategic options” for the beleaguered owner of Revolution, Revolucion de Cuba and Peach Pubs brands, which may include a fundraising and court-sanctioned restructuring.
Shares fell another 12% this morning, bringing year-to-date losses above 71%.