Latham & Watkins has advised bar and club operator Novus Leisure on the financial restructuring of its business.

Novus, whose brands include Tiger Tiger, has significantly reduced its debt in a debt for equity swap that has seen Barclays Ventures and the Royal Bank of Scotland become majority shareholders while private equity firm Cognetas is reduced to a minority stakeholder. Barclays has also committed to invest £20m to expand the business.

The company said that the restructuring has put it in a strong position to withstand the downturn and that it has made funds available to grow the business.

The Latham team was headed by London corporate partner Martin Saywell, with support from counsel Rod Brown. The remainder of the team included London tax partner Sean Finn and employment partner Stephen Brown.

DLA Piper advised the banks with a team headed up by restructuring partner Sarah Croucher.

Saywell commented: "This is the latest in a line of company and director-side mandates for our European restructuring practice group where we bring a holistic approach to the restructuring itself with our finance, insolvency and corporate advice, as well as with management equity and tax arrangements in the restructured vehicle."

Recently the US firm advised Candover on the largest European leveraged buyout so far this year, as Charterhouse Capital Partners completed a £553m purchase of Candover-owned energy consultancy Wood Mackenzie.