Drake & Morgan has secured approval to enter a Company Voluntary Arrangement (CVA), with 90% of creditors voting in favour of the proposals at a meeting last week.

The bar and restaurant group, which operates sites in London, Manchester and Edinburgh announced the proposed CVA last month, which will result in the closure of three of its 22 sites. These are The Allegory and The Listing, in London, and The Refinery in Spinningfields in Manchester.

The Bowman Capital-backed business said at the time that all team members in affected sites would be offered alternative roles within the business.

Jillian MacLean, founder and CEO of Drake & Morgan said: “We wish to thank our landlords, suppliers, business partners and other creditors for their support.

“The approval of the CVA means we can look forward to strong growth and begin rebuilding the business on a positive financial footing.”

The group had said earlier this year that it was hoping to rebuild its finances with the easing of Covid-related restrictions. Speaking at the time, chief finance officer David King, said the year had been “incredibly challenging” for the sector, and while the outlook remained uncertain, the announced government roadmap to reopening gave some clarity and had led to strong demand and a high level of reservations.