Private equity firm Blackstone reported to be bidding for Novus Leisure

11 June 2012 by
Private equity firm Blackstone reported to be bidding for Novus Leisure

Private equity company Blackstone Group is reported to be bidding for premium bar operator Novus Leisure.

The Sunday Times said that other bidders for the group, which is expected to fetch around £110m, included the private equity arms of Legal & General Group, and the Lloyds Banking Group, as well as Silverfleet Capital.

Novus has been trading strongly and last month indicated that it was set to make record profits of £20m for the year to June.

Last year it bought troubled wine bar group Balls Brothers out of administration for £7.8m, and now has more than 50 bars, mostly in London.

Novus Leisure on track for £19m profit >>

Novus Leisure buys Balls Brothers for £7.8m >>

By Neil Gerrard

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