It said that the offer from Nightcap was unworkable, given the time constraints, costs and legal, procedural and execution issues involved.
Revolution said without better offers, the best option to save the business is for shareholders to back its upcoming £12.5million emergency fundraising and cost-cutting plan.
“Following legal advice, the board has concluded that the Nightcap proposal is incapable of being delivered,” the company said in a statement.
“There were a number of challenges to the delivery of the Nightcap proposal, which was a highly conditional proposal.”
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