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Deltic takes 3% stake in Revolution

Bar and night club operator, the Deltic Group has now taken a 3% stake in Revolution Bars Group, that operates bars under the names Revolution and Revolucion de Cuba.

The news comes after Deltic's initial for Revolution, made on 22 September, was turned down by shareholders in favour of rival bidder, Stonegate Pub Group.

Deltic withdrew its original offer on 11 October and Slug and Lettuce operator, Stonegate then failed to win over Revolution's shareholders in October with its £101.5m cash offer.

Revolution Bars Chief Executive Mark McQuater resigned with immediate effect on October 18, having been criticised by Deltic on October 10 for not communicating in any way with Deltic's management or advisers during the process.

The Deltic Group, which owns brands such as Atik and Oceana, currently operates 57 bar and clubs across the UK.