Fri, 06 Jul 2012 | BUSINESS SALE
Bar operator Novus Leisure is seeking new investment to continue growth after purchasing Balls Brothers out of administration last year.
Balls Brothers entered administration in November 2010 owing £7 million to Barclays. The London-based wine bar and restaurant owner had 19 bars including The Gable, The Sterling and Mulligan’s of Mayfair. Its restaurants included Minster Pavement and Hay’s Galleria.
Novus Leisure, which has said it is in line to achieve nearly £20 million in profits for the first time, is currently in discussion with private equity outfit LGV Capital about a sale for £100 million.
After talks on a deal with Duke Street Capital collapsed, Novus Leisure was put on the market in February.
“We have been seeking an investor to partner us in the next exciting phase of development,” Novus boss Steve Richards said.
Operating 52 upmarket bars mainly in London, Novus Leisure is expecting its EBITDA to reach £19 million for the 12 months to June. Revenues for the first six months of this year increased to £74.1 million from £55.8 million for the previous year.
Food sales also jumped by 7 per cent, and account for 30 per cent of all pre-11pm income. It has over £5 million of Olympic bookings with £500,000 of deposits received.
Mr Richards commented on Novus’ success to Caterer and Hotelkeeper, “The market remains very tough – even in central London there are plenty of operators struggling. The key is to pick the right market and then deliver the proposition better than anyone else; easy to say, a bit harder in the execution.”
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