Novus Leisure has exchanged contracts for the sale of three Tiger Tiger sites to The Deltic Group for an un-disclosed sum. The three sites are Tiger Tiger Newcastle, Manchester and Portsmouth. The transaction will conclude in the next few weeks as the property lease transfer process is completed. In the meantime, the three sites will continue to be operated by Novus.
Toby Smith, CEO of Novus commented “This is the second stage of our planned full divestment of our late night estate following the sale of 15 sites to Stonegate in July. We are delighted to have agreed terms with the Deltic team who will be terrific owners for these iconic sites. They are acquiring three fantastic teams in great locations”
Peter Marks, Chief Executive of The Deltic Group said “We’re delighted with this acquisition. Located in dynamic, vibrant cities, each of these sites perfectly complements our existing portfolio, and will see us enter the Manchester and Newcastle markets for the first time. We look forward to welcoming the current Tiger Tiger teams to the Deltic family.
’’Our intention is to trade seamlessly through until the summer next year, whereby each of these sites will be rebranded to a new concept that is currently under development. It will reinvigorate and modernise the very essence of the original Tiger Tiger vision, a multi-roomed, cross-occasion, food, drink and dancing all-day venue.’’
Notes to Editors
· Novus Leisure operates 30 iconic bars and clubs in Central London including the world famous Tiger Tiger, Haymarket and the renown Balls Brothers estate in the city.
· Deltic Group is UK’s largest operator for late night bars and clubs with 55 clubs and bars throughout the UK, from Aberdeen to Plymouth. It employs over 3000 people.
· The Group has a strategic focus on investing in its estate, people and entertainment to create great nights out for its customers.
· The Group is dedicated to being a best in class responsible operator. In addition, it runs the “Echo Trust’’ charity fund, which regularly donates to children’s hospitals and schools in the local areas surrounding its venues.
· Deltic is constantly pioneering new concepts including a broader choice of music rooms. PRYZM Kingston was the first to offer a female only area with a pamper room and opportunity to catch up away from the main dance floor and has also trialled a private dance floor concept at its Leeds and Brighton sites.