Novus Leisure, operator of UK bar chain Tiger Tiger, has reported record Christmas trading results, nearly two years on after its lending banks took control from UK private equity firm Cognetas, demonstrating that bank-seized companies can thrive if nurtured.

Under the ownership of lenders Barclays Ventures and the Royal Bank of Scotland, the bar, restaurant and club operator increased sales by 7.9% between 19 November and 2 January compared with a year earlier and up 18.5% from the same period two years ago. Group profit rose by 17% over the Christmas period, despite heavy snowfall on peak trading days in December, according to the company.