The announcement comes less than a year after the £100m sale of the business to LGV Capital and Hutton Collins.The search for Richards’ successor is now underway.
“Having led the business since it was founded some eight years ago and successfully steered the business through the recent £100m buyout, it is the right time for me to seek a new challenge and hand the reins over,” said Richards.
Novus Leisure’s chairman John Kelly added: “We will undoubtedly miss Steve’s energy and drive however a succession plan has been in place for some time and we have been busy building the new team for the future with appointments such as Tim Cullum (chief operating officer), who brings with him a wealth of experience gained within highly relevant businesses within the leisure sector.”
The bar and nightclub operator currently has a portfolio of 48 primarily London-based premium bars, with its Tiger Tiger brand in place in nine towns across the country. It's new owners are now supporting a strategy to double its central London portfolio over the next three years.