Novus Leisure boosts sales following Balls Brothers and Lewis & Clark takeover
Bar and restaurant group Novus Leisure has boosted its total sales for the year to 26 June by 12%, following the takeover of 15 Balls Brothers and Lewis & Clark sites in March.
Like-for-like sales at the group were up by 8.9% year-on-year, while like-for-like earnings before interest, tax, depreciation and amortisation (EBITDA) climbed to £11.1m, compared with £6.9m for the year before.
Novus, which now operates 52 bars, predominantly in London's West End and City districts, as well as the Tiger Tiger brand in several regional cities, said it was experiencing strong pre-Christmas trading.
The integration of the Balls Brothers and Lewis & Clark businesses is now complete, and the company's new "Exchange" format launched in Lime Street, Bishopsgate, Monument and Mayfair.
Steve Richards, chief executive of Novus Leisure, said: "This is another excellent year of progress for the business which clearly demonstrates the strength of our ‘pre-booked sales' model and ongoing appeal of our premium venues. The London market on which we focus has remained strong despite the macro-economic climate and our regional businesses continue to generate double-digit growth.
"We have continued to invest in our estate and infrastructure, successfully leveraging our USP of pre-booked sales to deliver industry-leading returns. The acquired Balls Brothers and Lewis & Clark bars are an excellent strategic fit with the core Novus estate, further consolidating our growing London dominance, and will be a driver of profit in 2012.
"Trading in the current year has strengthened with the group generating like-for-like sales growth of 15.9% (June to November 2011). With Christmas bookings in significant growth and the future opportunity of the 2012 Olympics in our heartland of London, Novus is set to deliver another period of significant growth over the year."
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By Neil Gerrard
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