Revolution Bars boss quits after Stonegate bid rejected
Mark McQuater, chief executive of Revolution Bars, has stepped down with immediate effect a day after shareholders voted against a recommended takeover by Stonegate Pub Company.
Keith Edelman, Revolution's chairman, will head the company in an executive role until a suitable replacement is found.
Said Edelman in a statement late on Wednesday morning: "On behalf of the board, I would like to thank Mark for his contribution to the success of Revolution.
"The business and brands have grown and developed over his four and a half year tenure as CEO and the business is well positioned for its next period of growth. We wish him well for the future."
On Tuesday, an investor vote over a 203p-per-share cash offer from Stonegate did not get the required level of support, despite being backed by McQuater and the board, who had earlier turned down an all-share merger proposal from nightclub owner Deltic Group.
McQuater and the board said at the time that it did not believe the pursuit of an all-share merger with Deltic was in the best interests of Revolution or its shareholders and, in the absence of a firm cash offer from Deltic, unanimously recommended shareholders vote in favour of Stonegate's offer.
But after losing the vote, the board said it remained confident regarding the underlying strength of the business and its ability to operate and grow as a standalone business, "not least given the scale and strength of Revolution's new venue pipeline and the returns achieved by new venues opened in the last two years".