Novus head office jobs in jeopardy

30-Jul-2013 - Last updated on 01-Aug-2013 at 07:03 GMT

Related tags New chief executive Corporate governance

Novus chief executive Steve Richards left the company last month

Novus, the LGV Capital and Hutton Collins-backed operator of premium bars and restaurants, is entering into a consultation process at its London head office, which is likely to lead to a number of redundancies, the Publican's Morning Advertiser's sister title M&C Report has learnt.

It is thought that the c50-strong company, which is currently searching for a new chief executive to replace Steve Richards, who left the company last month, made the decision to enter the consultation process following an efficiency review.

A Novus spokesperson said: “During the last few months, the Board has looked at creating a more de-centralised structure, where the operational teams at venue and regional level, have greater autonomy and accountability to deliver an increased customer centric strategy.”

Kevin Norman, formerly of Inventive Leisure, who joined the group last October as head of acquisitions, remains at the company and has not left the business.

M&C Report understands that trading at the group since the turn of the year has been challenging, a period in which the majority of the companies management team has changed.

Jason Thorndycraft stepped down as operations director at the start of the year, to be followed by finance director Andrew Campbell, who has subsequently joined YO! Sushi.

Last month, it was announced that Richards was to step down after eight years of leading the company. The search for his successor is believed to be at an advanced stage.

The group, which was acquired by LGV Capital and Hutton Collins last July for £100m, is currently being led by new chief operating officer Tim Cullum and experienced finance director Gregor Grant.

The company has recently disposed of a number of “high-value, non-core” single sites, including its Long Acre site in Covent Garden to Five Guys and the Bishopsgate Exchange in the City to CG Restaurants & Bars, both for significant premiums.

Novus finds itself at a crucial stage of its development and for the time being it looks like it has placed plans of doubling the size of its estate to one side, save for one-off acquisitions, such as a future Leicester Square site, to concentrate on bringing some stability to the business after the changes of the last year.

It seems that the first task of a new chief executive will be to inject some momentum back into the business.