Novus completes Balls Brothers deal
Novus Leisure has acquired 17 sites from Balls Brothers and Lewis & Clarke, of the 19 which had been under administration since November 2010.
The largest private bar and club operator in the UK, Novus is estimated to have paid in excess of £7.8 million for the venues, which are all in London. It now plans to “contemporise” the Balls Brothers brand through a programme of refurbishment and a “modernised” food and drink offer.
Six of the sites are Lewis & Clarke bars, while the remaining 11 trade under the Balls Brothers brand.
Commenting on the acquisition, Steve Richards, CEO of Novus, said: “These sites play to our strengths and we see significant potential to leverage our sales and marketing expertise to Balls Brothers customers whilst contemporising the offer of this heritage brand.”
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Nick Cropper, partner at the firms’ administrators Zolfo Cooper, said of the sale: “The joint administrators are delighted with the sale of Balls Brothers Limited and Lewis & Clarke Limited, as it represents an excellent result for the companies’ creditors and preserves the employment of 300 employees in the City and West End of London."
Gabriel Savage, 15.03.2011
