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Revolution Bars posts Christmas sales jump after failed takeover talks

Revolution Bars has 72 sites in the UK
Revolution Bars has 72 sites in the UK

Revolution Bars on Monday revealed a Christmas sales jump and said it is looking to move on from two “flattering” takeover approaches that failed.

The operator of 72 UK bars saw sales at sites open for a year or more rise 5.9% in the four weeks to December 31. Comparable sales increased 1.9% in the 27 weeks to January 6.

Shares rose 3% to 173p.

Peel Hunt analyst Douglas Jack said: "December trading was strong, as expected, in a bar market that has benefited from 10% supply reduction over the last 10 years."

The trading update is the first since a £101.5 million takeover tussle for Revolution Bars between pubs firm Stonegate and nightclub operator Deltic collapsed in 2017. Not enough of Revolution’s share-holders backed Stonegate’s 203p per share offer, while Deltic did not table a formal offer.

Boss Mark McQuater resigned in October after the collapsed talks.

Executive chairman Keith Edelman said a search for a replacement is underway. He called the approaches “flattering”, but said he is now focused on growing the business.