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Novus Leisure to expand premium London offering following investment

Novus Leisure to expand premium London offering following investment

Hutton Collins Partners LLP, a leading provider of preferred capital, has backed the management of Novus Leisure, the operator of 52 primarily London-based premium bars, in a deal worth £100 million.

Hutton Collins has invested alongside LGV Capital, supporting the existing chief executive Steve Richards.

Non-executive chairman John Kelly will also remain with the business.

Hutton Collins and LGV will support Novus’ strategy to double its central London portfolio over the next three years, enhancing the group’s market-leading position in the premium bar London market.

Brands include Tiger Tiger and Balls Brothers.

In the medium term Novus will also look to expand outside its London core to cities such as Manchester, Bristol and Leeds.

Novus is performing strongly, and in the year to June 30th 2012 saw revenue growth of 25.5 per cent and profit growth of 51 per cent.

Like-for-like sales for the year, totalling 37 sites, were up 11.3 per cent, or 21 per cent on a two-year basis.

Growth has been driven by Novus’ sophisticated and state-of-the-art booking system and a strong performance from new sites including the acquired Balls Brothers estate.

Profit has been further enhanced by focusing on high-margin events, expanding premium drinks ranges and extended trading hours.