Novus Leisure has exchanged contracts for the sale of three Tiger Tiger sites, located in Newcastle, Manchester and Portsmouth, to The Deltic Group.
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, said: “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, added: “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.’’
As one of the UK’s largest operators for late-night bars and clubs, The Deltic Group currently owns
55 venues and employees over 3,000 people.