Inventive takeover talks still in progress

The owners of vodka bar chain Revolution, Inventive Leisure, said takeover talks were still in progress at its AGM today.

The bar chain also announced like-for-like sales had gone up 6% in the first 17 weeks of its current financial year.

Inventive Leisure announced in September it had been approached by an unnamed private equity buyer about a possible bid for the 40-strong chain.

At this morning's meeting, chairman John Green, said: "Discussions have continued, however no formal agreement has been entered into. A further announcement will be made in due course."

Inventive has opened two bars this financial year in Leeds and Plymouth and has three more planned for Liverpool; Chiswick, London and Beaconsfield, Buckinghamshire.

Green said market conditions had remained fairly consistent over the past months with like-for-like sales positive in July and August and slightly down in September.

"We have been encouraged by the performance of the new sites and believe that this, coupled with our development pipeline, bodes well for our future," he added.

By Chris Druce

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