Alchemy Eyes Share Revolution For Bar Chain

By Mark Kleinman, City Editor

Revolution, the nationwide chain of vodka bars, is being groomed for a stock market return next year that would end almost a decade in private ownership.

Sky News understands that Alchemy Partners, which acquired Revolution's owner The New Inventive Bar Company under its previous name in 2005, is close to appointing Numis Securities, an investment bank, to work on the listing.

Inventive, which was known as Inventive Leisure until a corporate restructuring was completed earlier this year, operates a number of other leisure concepts including Rift & Co under its Nightjar Bars division.

It also has a small chain of rum bars under the brand Revolucion de Cuba.

There are roughly 70 Revolution venues across the UK, concentrated in major cities including London and Manchester, and targeted at consumers aged between 18 and 35.

Alchemy launched an agreed takeover of Inventive in December 2005, when the company's shares traded on London's junior AIM market.

Inventive made a post-tax loss of £3.44m in the year to 30 June last year, according to accounts filed at Companies House.

In December 2013, the company, which management said had performed "in line with expectations", undertook a refinancing of its borrowing facilities, including securing a £15.5m bank loan.

Inventive is now run by Mark McQuater, a leisure industry veteran who previously led businesses including the Barracuda Pub Group and Tom Cobleigh.

Sources said a deal could value Inventive at somewhere in the region of £100m, although a previous attempt to sell the business is not thought to have attracted offers at that level.

News of Alchemy's plan underlines the fact that companies are continuing to prepare for stock market flotations despite recent volatility forcing a number of listing candidates to abandon their plans.

BCA Marketplace, the second-hand car auctioneer, the challenger bank Aldermore and Miller Homes, the housebuilder, all pulled flotations.

This week, however, Virgin Money breathed fresh life into the new listings market when it resurrected plans for an initial public offering before Christmas.

Alchemy, Inventive and Numis all declined to comment.

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