AIM-listed nightclub group Nightcap is looking to revolutionize the sector in a cheeky bid for Revolution Bars.
Revolution met with Nightcap to discuss proposals that included a full offer for the struggling business, adding that the talks are not part of the formal sales process it unveiled in early April.
The pub operator then said it had received commitments from investors under a £12.5m fundraising to keep it afloat while it undergoes a restructuring.
In January, it announced that eight sites would close and has said that up to a quarter of Revolution’s 80 locations could close.
Nightcap, co-founded by former Dragons Den star Sarah Willingham, is evaluating options including purchasing certain sites or operating subsidiaries of Revolution.
Takeover bid: In January, Revolution Bars announced it would close eight sites and has said up to a quarter of its 80 locations could close.
Nightcap acquired cocktail chain Dirty Martini and brasserie Tuttons in central London in a £4.65 million deal last year.
Revolution, which has a market capitalization of just over £4m, rose 13.8 per cent, or 0.2p, to 1.65p, while Nightcap rose 2.4 per cent, or 0. 1d, at 4.25p.
The FTSE 100 rose 50.91 points, or 0.6 per cent, to 8,172.15 to resume its run of closing highs, but still below this week’s all-time high.
The FTSE 250 found gains after recent falls, adding 125.74 points, or 0.6 per cent, to 20,052.33.
Smurfit Kappa rose 5.8 per cent, or 200 pence, to 3,674 pence as profits rose and it reported further improvements in demand in Europe and the Americas.
In September, the paper and packaging company agreed to merge with US-based WestRock to form Smurfit Westrock.
Meanwhile, Standard Chartered rose 8.8 per cent, or 61 pence, to 756 pence, a six-month high, after the emerging markets-focused lender’s first-quarter profits significantly beat expectations, boosted by the non-interest income growth.
Stock Watch – Kinovo
Kinovo rose 21.5 per cent, or 8.8 pence, to 49.8 pence, as the London property services group expects results for the year to March 31 to beat expectations.
It now anticipates a 22 per cent rise in profits to £6.7m, up from £5.5m, on revenue of around £64m.
Chief executive David Bullen said the strong performance reflected the strength of its growth strategy following inherited problems with its former construction subsidiary.
Melrose led the FTSE 100 in losses (down 2.9 per cent, or 18.2p, to 603p), despite strong first-quarter trading.
It was boosted by the strength of its Motors division, whose revenue rose 21 percent.
It is now a dedicated aerospace business, based on the acquisition of GKN, having spun off its automotive engineering businesses as Dowlais last April.
Spectris lost 2 per cent, or 64 pence, to 3,208 pence, as the supplier of high-tech instruments, test equipment and software to industry reiterated its full-year guidance, although it reported an 8 per cent drop in like-for-like sales of the first quarter.
TI Fluid Systems rose 4.3 per cent, or 5.8 pence, to 142.2 pence, as the fluid engineering specialist maintained its guidance after first quarter revenue fell 0.4 per cent, in line with expectations.
International personal finance added 3.3 per cent, or 3.5 pence, to 109 pence, after a strong first quarter, with a 5 per cent rise in customer lending.
But insurer Hiscox fell 1.8 per cent, or 21.99 pence, to 1,175 pence, although it reported healthy growth in first-quarter premiums despite a slump in the London market.
Surface Transforms fell 62.3 per cent, or 1.77p, to 1.08p as the carbon ceramic brake disc maker raised £6.5m in a share placement.
And Smiths News rose 3 per cent, or 1.6p, to 55p as it said it was on track to deliver full-year results in line with expectations.