The five-strong Manchester-based restaurant and bar group, which operates the Neighbourhood and Victors brands, has been acquired by an investment group led by Naveen Handa, director at leisure company The Cairn Group. The purchase is part of a strategic acquisition to enhance Cairn’s premium restaurant and bar offering.
East Coast Concepts operates venues in Hale, Alderley Edge, Liverpool, Leeds and Oxford.
Ben Woolrych and Anthony Collier of FRP were appointed as joint administrators of Victors Restaurants and East Coast Concepts on 1 September.
The deal protects more than 250 jobs with all existing Neighbourhood and Victors sites continuing to trade as normal.
“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,” says 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.”
“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,” says Handa.
Handa also recently led a consortium to become the new joint venture partners for London and UK Franchisees of Vapiano Restaurants.