Novus Leisure's Xmas boosted by Tiger Tiger shindigs

Parties and event nights helped Tiger Tiger bar operator Novus Leisure post uninvested like-for-like sales growth of 2.9 per cent over Christmas and New Year.

Novus said the year-on-year figure, covering the five weeks to January 3, 2009, followed growth of two per cent in the same period last year.

The group said nearly three quarters of its total revenue stemmed from pre-booked parties and events, up 10 per cent on last year.

It claimed its per cent nine-strong Tiger Tiger brand delivered uninvested like-for-like growth of 9.4 per cent in December. The brand averaged sales of £157,000 per venue per week, with food accounting for 37 per cent of the revenue mix.

The company said it flagship Tiger Tiger bar, on Haymarket in the West End of London, had another record Christmas, taking more than £1.3m in the five week period.

Novus owns a number of bars, mainly in London's West End and financial districts; each Novus site averaged £82,000 per week in the period, the group claimed.

Steve Richards, Novus chief executive said: "The business was up against relatively hard comparables so to continue to grow in such a challenging market is encouraging."

He said Novus has resisted discounting on drinks and food, helping lift gross profit margins 0.5 percentage points to 81 per cent.

Richards said market conditions in 2008 were very tough, "and 2009 will be undoubtedly be worse".

As well as Tiger Tiger Novus owns a number of former Soho Clubs & Bars venues in Central London.

In October 2007 Cognetas, the privately equity firm which bought Novus in 2005, admitted it had written down its investment in the business by £60m.