Tiger Tiger owner to snap up Balls Brothers
Novus Leisure, the operator of Tiger Tiger, is poised to rescue iconic City wine bar group Balls Brothers from administration.
The deal, which follows weeks of speculation about the future of Balls Brothers following its collapse into administration in November, will see Novus add 19 bars to its 37-strong estate.
Novus Leisure has not disclosed how much it is paying for the bars, but it is likely to pay a small premium over the debts to Barclays of an estimated £7m-£8m, according to the Evening Standard.
Novus, whose Christmas like-for-like sales were up nearly 8%, said the Balls Brothers business would help it expand in what it called its "heartland" of the City and West End.
The sale is being handled by Zolfo Cooper, the corporate advisory firm that was appointed as administrator.
As well as Tiger Tiger, Novus owns Babble, Jewel and the Zoo Bar in Leicester Square.
Balls Brothers, which was established 150 years ago as a wine merchant, was acquired by the Lewis & Clarke bar chain for £14m in 2006.
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By Daniel Thomas