Last orders: Revolution's CEO has stepped down after Stonegate's failed takeover bid

 
Alys Key
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Revolution's CEO has said he will step down with immediate effect (Source: Revolution Bars)

The chief executive of Revolution Bars has stood down with immediate effect, following a failed attempt to sell the company to Stonegate Pub Company.

Following yesterday's vote in which shareholders rejected a takeover bid, Mark McQuater has quit the company with immediate effect.

Read more: Revolution shareholders have rejected Stonegate's takeover bid

McQuater led the board during the sale process, in which the directors unanimously recommended Stonegate's 203p per share offer to shareholders.

Shares in Revolution fell 1.4 per cent today to 175p.

Concerns were raised by some shareholders and analysts that the offer might be undervaluing Revolution, when a rival bid from nightclub operator Deltic valued the company at a higher price, but offered no cash to investors.

Chairman Keith Edelman will step into the role of chief executive until further notice.

"On behalf of the Board, I would like to thank Mark for his contribution to the success of Revolution," said Edelman. "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."

Read more: Deltic backs off Revolution, leaving just Stonegate's bid on the table

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