Member Article

Tiger Tiger and Balls Brothers owner on brink of corporate takeover

The owner of London’s Tiger Tiger chain of bars is on the edge of a major takeover, Sky News has revealed.

Novus Leisure is in talks with parent company, HayFin Capital Management, on potentially restructuring the firm.

Hayfin, which provided the debt for a buyout of the bar chain’s parent company in 2012, is understood to be exploring a potential sale of Novus following a breach of its banking covenant.

The deal could see existing shareholders, Hutton Collins and LGV Capital, could see their interest in the business reduce, or even disappear, as part of any deal, sources said on Monday.

Novus currently operates 46 entertainment venues, primarily in London, including well-known chains such as Tiger Tiger, Balls Brothers of London and Landmark.

In advance of the proposed restructuring, the directors appointed to Novus’s board from Hutton Collins and LGV resigned earlier this month, according to Companies House.

Toby Smith, a former executive at the pubs operator Stonegate, was appointed CEO of Novus in October last year, and he is expected to remain in charge following the changes within the business.

This was posted in Bdaily's Members' News section by Ellen Forster .