Novus Leisure reports 16% rise in sales as champagne keeps flowing

Novus Leisure, the Square Mile and West End cocktail bar business where David Cameron was once a director , has bucked the gloom in the wider drinks trade by reporting that sales have risen almost 16% in recent months. The company operates 52 bars, including Jewel, where 70% of revenue comes from champagne and cocktails, and Tiger Tiger. Despite fewer City workers commuting to the Square Mile in recent years, comparable sales for the five months to November were up by 15.9%. For the year to 26 June, sales rose 12% to £107m. The business, which is backed by the private equity group Cognetas, acquired 15 sites from Balls Brothers and Lewis & Clark in March. Steve Richards, chief executive of Novus, said: "The London market on which we focus has remained strong despite the macroeconomic climate." He said that recent trading suggested the group, which targets "25- to 35-year-old affluent customers", had seen "significant growth" in Christmas party bookings. In September the group appointed John Kelly, the former Gala Coral boss, as chairman, igniting speculation that Cognetas was positioning the business for a stock market flotation. A number of London pub operators have been been sold this year for high valuations. Capital Pub Company was bought by Greene King while Geronimo Inns went to Young & Co. • This article was amended on 13 December 2011. The original said Novus was backed by the private equity group Electra. Electra Partners Europe changed its name to Cognetas in 2006 and is no longer connected to Electra Partners.