Novus: new name for Urbium

by Mark Stretton

Urbium, the late-night bar operator, is to change its name to Novus. The move follows its £113m management-backed buyout by Electra Partners.

The name, which is Latin meaning 'new', has been introduced to herald a new era for the business - one that the management says reflects its changing nature.

Steve Richards, chief executive, said: 'We have introduced the name because this business is entering a new phase and will be fundamentally different in a few years time to how it looks now, in terms of its size and what we operate.'

Urbium registered the new name after the deal by Electra Partners - a private-equity group - was declared unconditional following acceptances from shareholders representing 90% of the share capital.

The business will be delisted from AIM on 16 November. The offer of £10.75 a share in cash for the business was tabled on 8 September.

The existing Urbium senior management team led by Richards will remain in place. Richards is understood to have made £870,831 from share options, having exercised the right to buy 183,333 shares at 600p.

Richards will take an 11.5% equity stake in the new business, while Steve Palmer, finance director, will take a 5.5% holding.

Electra first approached Urbium chairman John Conlan in the summer following several approaches from quoted rival Regent Inns, which were rebuffed. Regent was denied access to the Urbium books after its offer was dismissed, because it was deemed to be not high enough and did not comprise 100% cash.