Hutton Collins invests in Tiger Tiger owner Novus Leisure
Hutton Collins Partners, a provider of preferred capital, has backed the management of Novus Leisure, the operator of 52 primarily London-based premium bars, in a deal worth GBP100m.
Hutton Collins has invested alongside LGV Capital, supporting the existing chief executive Steve Richards.
Hutton Collins and LGV will support Novus’ strategy to double its central London portfolio over the next three years, enhancing the group’s position in the premium bar London market, across brands including 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 30 June 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.
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