Thu 10th Sep 2015 - Novus Group restructure details revealed Novus Group restructure details revealed: Details of a restructure this year at London bar and restaurant operator Novus Leisure have been revealed in Companies House documents. The company stated: “The sales declines the group experienced during the second half of the year to June 2014 continued throughout the first quarter of 2015 financial year, with resulting negative impact upon the Group’s Ebitda. As a consequence of this further reduction of the Group’s Ebitda the Group was in breach of two of its financial covenants. A further consequence of the continued weak financial performance was the decision to recruit a new chief executive, with Toby Smith appointed in October 2014. As result of the financial difficulties experience by the group, in May 2015 administrator were appointed to Survivor Group, an intermediate holding company of the group and a guarantor of the group’s financing provided by the lenders. The administration process did not involve any other companies within the group and no trading company was impacted. Through the process of administration, the ownership of the company and its subsidiaries passed to a ne company, Survivor Holdings (Jersey), which is wholly owned by funds controlled by HayFin Capital Management, the group’s term lenders. The process of administration and subsequent sale did not affect the trading companies within the group, with all debts paid in the ordinary course as they fell due. As a result of the administration and the change in ownership, there has been a significant improvement in the Group’s capital structure and financing arrangements: amounts due from the Group to Survivor Group have been waived – at 29 June 2914, amounts due to SGL totaled £88.4m. The Group’s banking arrangement with HayFin has been amended to extend the term loan out to July 2018 to remove all cash pay interest with PIK interest. At the same time, HayFin has secured the Group’s £5m working capital facility with a letter of credit.” Private equity firms LGV Capital and Hutton Collins Partners bought Novus Leisure for £100m in July 2012, when it was run by current Casual Dining Group chief executive Steve Richards, who left the company in 2013.