Mark McQuater has resigned as the CEO of Revolution Bars Group after a failed takeover bid by Stonegate Pub Company.
Revolution announced today that McQuater, who joined the business to take over the helm four-and-a-half years ago, would be leaving the business with immediate effect.
Its chairman Keith Edelman has assumed the role of executive chairman until a suitable replacement can be found. Keith said: “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.”
McQuater’s departure follows a narrow vote by shareholders yesterday to reject a £101.5 million takeover approach by Stonegate Pub Company which operates bars such as Slug and Lettuce and Yates.
After the Revolution board backed the bid, the owners of only 61% of the group’s shares voted in favour at the general meeting for shareholders – 14% short of the minimum required.
Another approach by bar and club group The Deltic Group, offering a merger, was dropped last week after it was rejected by the board.
In a statement yesterday, Revolution Bars Group said: “The board remains confident regarding the underlying strength of the Revolution 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.
“The board considers that its clear and focused strategy, the quality of Revolution’s sites and customer proposition, and the talent within the business, leave the business well placed for further growth.
“Revolution is proud that it has delivered 16 consecutive quarters of like-for-like sales growth. The board is pleased that the management team is now able fully to focus on running the business, starting with the successful delivery of the important Christmas trading period.”
McQuater (pictured) joined the business in 2013 after previously heading Barracuda Pub Group for 12 years, Greenalls’ pub and restaurant division and pub group Tom Cobleigh.
Revolution Bars Group, previously called Inventive Leisure and The New Inventive Bar Company, now operates 68 sites as Revolution and Revolución de Cuba.