East Coast Concepts, the Manchester-based restaurant and bar group, has been bought out of administration.

The five-strong group, which operates brands Neighbourhood and Victors, has been acquired by an investment group led by Cairn Group director Naveen Handa, to enhance its premium restaurant and bar offering.

The deal is set to save 250 jobs across its venues in Hale, Algerley Edge, Liverpool, Leeds and Oxford, with all Neighbourhood and Victors sites continuing to trade.

“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,” said John Hammond, managing director at East Coast Concepts.

“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.

“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.”

Handa added: “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 it’s people to help realise the exciting growth potential.”

Ben Woolrych and Anthony Collier of FRP were appointed as joint administrators of Victors Restaurants and East Coast Concepts on 1 September.