Novus in takeover talks with Duke Street private equity
The Sunday Times reported that talks have been ongoing for several months between Novus and the private equity firm. However, after breaking off in the past 10 days, it is believed that they could now be revived.
A spokesperson for Novus confirmed to BigHospitality that talks have been underway.
“There has been a dialogue,” he said. “But Novus was not put up for sale and is not in, or about to be in, any sale process."
He said that the group has simply attracted normal interest but said that it “doesn’t need to do a deal”.
Duke Street, which recently acquired Wagamama, declined to comment.
Novus business
Novus, which was taken private in a £113m management buyout in 2005, was later taken over by Barclays and Royal Bank of Scotland, after a debt-for-equity swap in 2009.
The company, which earlier this year purchased 17 Balls Brothers sites, said it expects to deliver “record” profits this year and next year it will “benefit from the momentum generated by the acquisition of Balls Brothers and other sites”.
“We are very active in the market and are looking for further opportunities to consolidate our extremely strong London position,” said the spokesperson. “We’re seeking a whole load of new sites, particularly in the south east.”
Novus currently operates around 40 sites, located mainly in London’s West End and City districts.
Venues in its portfolio include Grace, Jewel, Strawberry Moons and Loop, Bar Soho in W1 and Abacus, Kanaloa and Abbey in the City, as well as the Tiger Tiger brand in several regional cities nationwide.
