Novus Leisure sold in £100m deal
27 July, 2012
Novus Leisure, owner of the Tiger Tiger brand, has been sold to LGV Capital and Hutton Collins for £100m. The new owners will back the existing management team, led by ceo Steve Richards, and its plans for continued expansion.
The sale of the London-based late-night bar business marks the exit of exciting majority shareholders Barclays Ventures and RBS Strategic Investment Group.
The new owners expect to double the existing London portfolio over the next three years. The deal should end speculation linking ceo Richards, who will later this year co-chair the Peach 2020 conference, with the vacant top job at Mitchells & Butlers. John Kelly is also remaining as
“Novus has a resilient model that has served it well over the years,"
Richards (pictured) said. "Our focus and investment in our pre-booked system has given us the ability to take market share and deliver predictable high quality earnings. These attributes have resulted in keen interest by the private equity community to invest in the next stage of Novus’ development."
Earlier the company announced it was on track for record profits of nearly £20m for the 12 months to June. It recently acquired the Balls Brothers and Lewis & Clarke businesses out of administration.
"In LGV and Hutton Collins we have secured investors who have an enviable record of backing successful businesses in the leisure sector.
We really look forward to working with them over the next few years and to maximise the growth potential of Novus Leisure," Richards added.
The price of £100m is seen as a good deal for the exiting owners, and reflects the good job done by Richards and his team.
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