Novus Bars has agreed to sell three of its Balls Brothers venues to Mosaic Pub and Dining for an undisclosed sum.
The venues are Balls Brothers Minster Exchange, Austin Friars and Shoe Lane, with the deal expected to complete by the end of August.
Mosaic has also purchased the Balls Brothers brand, with the deal taking its portfolio to 28 sites.
Novus chief executive Sharon Badelek said: “We are pleased to hand the legacy of Balls Brothers over to such an exceptional operator. The process has been smooth and professional and we wish Mosaic and our transferring team every success.”
James Watson, joint chief executive of Mosaic Pub and Dining, added: “We are delighted to have concluded this deal with Novus, who have been fantastic throughout, and be part of the famous Balls Brothers history, which we will continue to enhance. We are confident these three well-established, high-quality sites will help to further establish Mosaic as one of London’s fastest-growing independent premium operators.”
The deal leaves Novus with three Balls Brothers sites, including The Sterling, and a Tank & Paddle venue in Heddon Street, Mayfair.
Last month, Shoreditch Bar Group bought the remainder of Novus’ late-night business for an undisclosed sum.
The deal incorporated five sites – Tiger Tiger London, Tiger Tiger Cardiff, Piccadilly Institute, Ruby Blue and Zoo Bar as well as the Novus head office.
Precis
