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.
View the latest distressed UK businesses here.
Popular and well-regarded Sushi and Ramen restaurant and takeaway, which is situated in a prime city centre location in Norwich. The premises are set over three floors and are presented to an extremely high standard throughout and offers the opportun...
LEASEHOLD
Superb high-turnover fish & chip, and additional adjoining takeaway outlet, currently offers pizza, but would suit all types of fast food, or could be used as a eat in/dining area which it has been used for in previous years. Situated in the affluent...
LEASEHOLD
Revered restaurant business located in the heart of Derbyshire with an operational history exceeding 35 years, this establishment has been an epicurean beacon, offering an array of world and modern European culinary delights. The restaurant's prime l...
FREEHOLD
26
|
Apr
|
Major double glazing firm Everest enters administration | ADMINISTRATION
Everest, one of the largest providers of double-glazing in t...
26
|
Apr
|
Kent-based scientific consultancy sold to US firm | BUSINESS SALE
A4P Consulting Limited, a scientific consultancy company hea...
25
|
Apr
|
Ambulance services provider acquired in pre-pack deal | BUSINESS SALE
Elite Emergency Medical Services Ltd (Elite EMS), an ambulan...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources
We can help you capitalise on insolvent businesses. We list UK businesses in administration, liquidation and with winding up petitions daily. Ensuring our members never miss out on an opportunity
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.