finnCap Cavendish, part of finnCap Group plc, is pleased to announce it has advised on the sale of Peach Pubs to Revolution Bars Group plc for a cash consideration of £16.5 million.
Peach operates a collection of 21 award winning, premium gastropubs located in the South of England and the Midlands. The business is well-aligned to key structural trends, addressing customer demand for quality and locally sourced food and exceptional service in attractive surroundings.
Revolution is a leading operator of 69 premium bars, operating principally under two brands, Revolution (49 bars) and Revolucion de Cuba (18 bars).
The combined business will benefit from diversification and be strongly growth oriented. The acquisition provides greater balance to the enlarged business and diversified trading patterns and income streams. Significant cost synergies are expected to result from the acquisition.
The entire operations team of Peach, led by Chris Stagg, will remain with Peach following the acquisition.
finnCap advised the founders of Peach on the sale. The deal was led by Henry Wells, Partner and Head of Consumer at finnCap Cavendish, supported by Mark Stoddart, Director; Hugh Ripley, Senior Associate; and Ellen Hudson, Associate.
Hamish Stoddart, co-founder & CEO, Peach Pubs, said:
“On behalf of all of the shareholders at Peach, a huge thank you to the team at finnCap Cavendish – they have done a great job. With the unprecedented macro back-drop that we have all been experiencing, we needed an adviser who was thoughtful, tenacious and prepared to go the extra mile. We got of all this in spades from the finnCap Cavendish team and it has been a pleasure to work with them. We would not hesitate to recommend them to other business founders and entrepreneurs who are in need of experience-led judgement and advice.”
Rob Pitcher, CEO, Revolution Bars Group, said:
“This is an exciting and transformative opportunity for Revolution. It broadens our guest base, balances our day part sales and seasonality whilst providing another avenue for growth both organically and by acquisition.
Peach is a quality business with great pubs offering a premium experience. It has rebounded strongly from the dark days of the pandemic. Central to this success has been a strong people focused culture with clear values that are focused on making the right choices for guests and our teams, a very similar approach to that taken at Revolution.
We welcome the Peach team to Revolution where they can continue their excellent work delighting guests and seek continued personal development in a business with a multi-pronged strategy that has similar values, ambition, and drive for excellence, which Peach has clearly displayed over the last 20 years.
I would like to acknowledge the exceptional work of Lee Cash, Hamish Stoddart and Jo Eames, as the founders of Peach, for creating an industry leading collection of premium gastro pubs.”
Henry Wells, Partner and Head of Consumer at finnCap Cavendish, commented:
“Congratulations to the Peach Pubs team – they have done a great job in creating a differentiated gastropub offering with community and ESG at its heart. The business now has a great new home, and we are sure it will flourish under its new ownership at Revolution Bars Group. We are delighted to have advised the business and its shareholders on this successful completion and the success of this transaction is testament to the finnCap Cavendish deal team and their hard work. This transaction further underlines our quality consumer credentials and our ability to get consumer deals completed despite the challenging macro-economic environment.”