Fri, 19 Jun 2020 | ADMINISTRATION
Living Ventures has placed its Blackhouse and Newgate restaurant businesses into administration. The limited companies operate Blackhouse Grill steakhouse restaurants in Glasgow, Leeds and Manchester and Liverpool’s Olive restaurant.
Duff & Phelps have been appointed as administrators to both companies and will lead the process to find a buyer. Blackhouse had been set to exit a Company Voluntary Arrangement (CVA) process it had arranged with creditors in March, but this was derailed when coronavirus forced the closure of restaurants in March.
Scott Grimbleby, managing director of the businesses, said: "We have explored every avenue possible to try to save the business, however we have been left with no choice but to take this incredibly difficult decision now. We are working with all our teams to try and support them as best we can through this time. The administrators will be seeking to find a buyer for the businesses."
The CVA was launched in 2018, at which time Blackhouse operated five restaurants, following pre-tax losses of £1.3 million in the year to March 30 2018. It led to the closure of sites in London’s Smithfields and Manchester’s Grill on the Alley. Two further Blackhouse restaurants in Chester and Hale closed in 2016. Later in 2018, its Manchester restaurants Artisan and Manchester House were placed into administration.
In its most recent accounts, to the year ending March 30 2019, Blackhouse Restaurants reported losses of £402,644. At the time, its fixed assets were valued at £643,451 and current assets at £477,908. In its accounts covering the same period, Newgate Restaurants declared fixed assets of £526,454 and current assets of £203,491.
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