East Coast Concepts restaurant group bought out of administration07/09/2020
An investment group led by Naveen Handa of North East leisure company The Cairn Group completed the transaction as part of a strategic acquisition to enhance their premium restaurant and bar offering.
The corporate team at Newcastle based Mincoffs Solicitors, headed by Partner John Nicholson, advised the investment group on the acquisition.
The north east-based investment group eyes growth for both the Neighbourhood and Victors brands, and the purchase means the protection of all more than 250 jobs and five current sites in the UK, including Hale, Alderley Edge, Liverpool, Leeds and Oxford, that will continue trading 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,” comments 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.”
Naveen Handa added “We are delighted to have been able to secure the long-term future of East Coast Concepts, and its much-loved Neighbourhood and Victors brands, as well as the jobs of over 250 staff throughout the sites and head office.”
“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 its people to help realise the exciting growth potential.”
Ben Woolrych and Anthony Collier of FRP were appointed as joint administrators of Victors Restaurants Ltd and East Coast Concepts Ltd on 1 September 2020 and completed the pre-pack sale of the business and assets to the investment group.
“We’re therefore delighted to have been able to secure a deal that not only secures the future of the group, but most importantly protects all existing jobs” says Ben Woolrych.
“Naveen and the team bring huge experience which we know will help drive the business towards its next stage of growth and we wish them all the best.”