Revolution Bars in talks with 32 potential buyers

The company launched a formal sale process last month. Following the announcement, 42 parties - including Nightcap - were invited to participate in the sale process, 32 of which agreed to participate and signed a non-disclosure agreement.

Dirty Martini owner Nightcap declined to participate in the formal sale process but has since announced that it is "assessing a number of possible options".

These could include the acquisition of certain sites of Revolution Bars; the acquisition of certain operating subsidiaries; a possible share for share offer for the company; the acquisition of certain brands; or the acquisition of certain assets.

Revolution 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.

"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 proposal by Revolution Bars Limited, a subsidiary of the group, of a 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 FSP and the M&A Process, in order to deliver the best outcome for stakeholders."