Living Ventures has said that after ”a period of difficult trading” it has taken the decision to put its Artisan and Manchester House businesses into administration.
Duff & Phelps have been appointed as administrators today, but the company stressed that the rest of the Living Ventures estate is unaffected.
The administrators and management said they would be working with employees and suppliers to limit impact and disruption.
Artisan launched in Manchester’s Spinningfields in 2012, while Manchester House opened in 2013 in the city’s Bridge Street.
Jeremy Roberts, chief executive of Living Ventures Group, said: “Trading at Artisan and Manchester House Bar and Restaurant has been much lower over the summer, and like many other restaurants, we have struggled with balancing rising costs and high rents, together with localised access difficulties. I would like to take this opportunity to thank our brilliant and hardworking teams; we are currently contacting all affected employees and looking into available roles in other parts of the group.”
The remainder of the Living Ventures Group continues to trade normally, with revenues for the full year to March 2018 at c£20m. The group will focus on successful ventures such as Australasia, Grand Pacific and new projects such as Sunset by Australasia, which has had a strong start after launching in August this year.
Individuals with reservations at Artisan and Manchester House Bar and Restaurant will be contacted and offered alternative options at one of the other restaurants in the group. Gift cards issued by Artisan or Manchester House Bar and Restaurant will be redeemable at Australasia Restaurant until March 31 2019.
Precis
Living Ventures has said that after ”a period of difficult trading” it has taken the decision to put its Artisan and Manchester House sites into administration. Duff & Phelps have been appointed as administrators for the two companies today and stressed that the rest of the Living Ventures estate is unaffected. The administrators and management said they would be working with employees and suppliers to limit impact and disruption.
Jeremy Roberts, chief executive of Living Ventures, said: “Trading at Artisan and Manchester House Bar and Restaurant has been much lower over the summer, and like many other restaurants, we have struggled with balancing rising costs and high rents, together with localised access difficulties. I would like to take this opportunity to thank our brilliant and hardworking teams; we are currently contacting all affected employees and looking into available roles in other parts of the group.”
The remainder of the Living Ventures Group continues to trade normally, with revenues for the full year to March 2018 at c£20m. The group will focus on successful ventures such as Australasia, Grand Pacific and new projects such as Sunset by Australasia, which has had a strong start after launching in August this year.
