HayFin Capital Management is thought to be close to a deal to take full control of Novus Leisure.
Sky is reporting that HayFin, which provided the debt for a buyout of Novus Leisure in 2012, has engaged AlixPartners to advise on a potential restructuring that could materialise as soon as next week.
Sky claims that existing shareholders, Hutton Collins and LGV Capital could see their interest in the business disappear as part of any deal.
It is thought the move would involve brands such as Balls Brothers and Premium Bar & Kitchen receiving fresh financial backing in an attempt to accelerate the turnaround of the business.
HayFin is understood to have been exploring a potential sale of Novus following a breach of its banking covenants, although there had so far been limited interest in a takeover of the whole company.
Documents filed at Companies House show that the directors nominated to Novus’s board by Hutton Collins and LGV resigned earlier this month. Sky said their resignations are understood to have been prompted by the looming restructuring.
It also claims that despite approaches by some rival nightclub and bar operators to cherrypick some of its more attractive sites, insiders have said that a piecemeal disposal of its assets is “an unattractive option”.
Toby Smith is expected to stay in his role as chief executive under any deal.
Hutton Collins and AlixPartners declined to comment, while Novus could not be reached for comment.
