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Balls Brothers bought out of administration by Novus

Published:  16 March, 2011

Wine bar chain Balls Brothers has been saved from collapse by Novus Leisure which has acquired 17 of its 19 bars.

It expected to pay as much as £7.9m once the transaction is complete and will secure the jobs of 300 staff facing redundancy.

Novus operates many of the UK's highest taking, premium bars which are predominantly located in London's West End and city financial districts.

Six of the sites being acquired are former Lewis & Clarke bars, and the remaining 11 trade under the Balls Brothers brand.

It will look to contemporise the Balls Brothers proposition by broadening its appeal to city professionals by refurbishing sites plus modernising the the menu and drinks offer.

Steve Richards, chief executive of Novus Leisure, said: "Balls Brothers provides an excellent fit with Novus's focus on its heartland of the city and West End. This acquisition is a great strategic opportunity for us and allows Novus to continue its London expansion.

"We are keen to continue extending our footprint and capacity in the buoyant London market 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."

Nick Cropper, partner at administrator, Zolfo Cooper, said: "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 over 300 employees."