Novus Leisure, the firm behind the Tiger Tiger brand, is to invest £20m in improvements to its London-based chain of 47 nightclubs and bars over the next two years.
The bar and night club operator generated sales of £116m in the period to June 30 and made a loss on ordinary activities before taxation of £40m.
Novus said in a statement, 'There has been much change at Novus both during the year to June 2013 and following the year end. The statutory accounts of Novus to June 2013 recognise these changes and a difficult trading period for the company.
'There is now a totally new management team in place that has restructured the business and has begun implementing a strategy for growth through investment in the prime sites that the business operates. The investment strategy for the business will see circa £20m invested in the group’s sites over the next 2 years.'