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LONDON (Alliance News) - Revolution Bars Group PLC on Friday said it is in discussions regarding a proposed acquisition of four bars in Edinburgh for an expected consideration of GBP16 million.
The bar operator said the target assets reported aggregate earnings before interest, tax, depreciation and amortisation of GBP3.3 million in the financial year ended April 26, 2015, and thinks the acquisition would be significantly earning enhancing for its financial year ending June 30, 2017.
Revolution said the proposed acquisition would enlarge its portfolio of bars and introduce a further brand which it thinks could be rolled out to other sites.
The consideration is expected to be funded via new debt, a "relatively" small placing of new shares for cash and the issue of shares to the vendors.
"Discussions are ongoing and, particularly in light of the results of the EU Referendum announced this morning, may or may not result in any transaction, whether as described above or at all, being agreed," Revolution said in a statement.
"The group continues to trade well in the second half of the financial year ending June 30, 2016 following its strong performance in the first half. The site opening programme for the financial year ending June 30, 2017 is progressing ahead of schedule," it added.
Shares in Revolution were trading down 1.9% at 180 pence on Friday morning.
By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews
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