Novus Leisure has exchanged contracts for the sale of three Tiger Tiger sites to The Deltic Group for an undisclosed 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.
“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,” comments Toby Smith, CEO of Novus.
“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 adds: “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.’’