Alchemy bids £42m for Revolution

19 December 2005
Alchemy bids £42m for Revolution

Tattershall Castle Group owner Alchemy Partners has made a cash offer of more than £42m for Inventive Leisure.

Caspian Bidco, a newly created bid vehicle, will pay 178p per Inventive Leisure share, valuing the company at £42.45m.

This represents a 45% premium on the closing price of 123p per share on 5 September, the day before Inventive announced it had received an approach from a private equity house.

Inventive owns the Revolution vodka bar chain, which has about 40 bars. Both Ultimate Leisure and Regent Inns had made approaches for the company.

Alchemy bought 178 bars from Spirit Group in September of this year, creating the Tattershall Castle Group.

It is thought likely it will combine the two high-street businesses if its bid is accepted by Inventive's shareholders.

by Chris Druce

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