Manchester bar and restaurant group East Coast Concepts has been bought out of administration, protecting hundreds of jobs.
The group, which operates the Neighbourhood and Victors brands, has five sites in the 海角视频, and has now been acquired by an investment group led by Naveen Handa of North East leisure company The Cairn Group.
East Coast Concepts has branches in Hale, Alderley Edge, Liverpool, Leeds and Oxford, and Mr Handa said the move comes as part of plans to enhance his investment group's premium restaurant and bar offering.
The company has been working with specialist business advisory firm FRP in recent months to help navigate through the impact of the pandemic and secure a long-term future for the group.
Ben Woolrych and Anthony Collier of FRP were appointed as joint administrators of Victors Restaurants Ltd and East Coast Concepts Ltd on September 1.
On appointment, the joint administrators completed the pre-pack sale of the business and assets to the investment group.
John Hammond, managing director at East Coast Concepts, said: “Since opening our doors in 2012, every member of the business has worked hard to establish strong brands and create an experience that our guests love.
"We have significantly exceeded sales and profit targets since reopening our doors in July following lockdown whilst delivering an industry leading net promoter score, with 25% year-on-year growth in the final week in August including the bank holiday weekend.
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“This acquisition marks a significant milestone for the business and will enable us to embark on the next phase of growth, with an investor which really sees the value in the brands we have created. I’d like to thank everyone across the business and other key stakeholders for their ongoing support.”
The deal protects more than 250 jobs and all existing Neighbourhood and Victors sites will continue trading as normal.
Mr Handa also recently led a consortium to become the new joint venture partners for London and 海角视频 Franchisees of Vapiano Restaurants.
Mr Handa added: “We are delighted to have been able to secure the long-term future of East Coast Concepts, and its much-loved Neighbourhood and Victors brands, as well as the jobs of over 250 staff throughout the sites and head office.
"Moving forward we see great potential for premium, experiential and well differentiated brands and will be focused on supporting the existing management team, whilst investing in the brands and its people to help realise the exciting growth potential.”
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Mr Woolrych said: “We have been working with the East Coast Concepts team for several months, during incredibly challenging times for the hospitality sector as a whole.
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"We’re therefore delighted to have been able to secure a deal that not only secures the future of the group, but most importantly protects all existing jobs.
"Naveen and the team bring huge experience which we know will help drive the business towards its next stage of growth and we wish them all the best.”