East Coast Concepts sold via pre-pack administration to Naveen Handa
An investment group led by Naveen Handa of the Cairn Group has acquired restaurant and bar group East Coast Concepts.
The Manchester-based restaurant and bar group, which operates the Neighbourhood and Victors brands, has five sites across the UK, including in Hale, Alderley Edge, Liverpool, Leeds and Oxford.
The company has been working with business advisory firm FRP in recent months to navigate the impact of the pandemic and secure a long-term future for the group. Ben Woolrych and Anthony Collier of FRP were appointed as joint administrators of Victors Restaurants and East Coast Concepts on 1 September, and on appointment completed the pre-pack sale of the business and assets to the investment group.
The deal protects more than 250 jobs and all existing Neighbourhood and Victors sites will continue trading as normal.
Handa also recently led a consortium to become the new joint venture partners for London and UK franchisees of Vapiano Restaurants.
John Hammond, managing director at East Coast Concepts, said: "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 said: "We see great potential for premium, experiential and well-differentiated brands and will be focused on supporting the existing management team, while investing in the brands and its people to help realise the exciting growth potential."
Woolrych added: "We have been working with the East Coast Concepts team for several months, during incredibly challenging times for the hospitality sector as a whole. We're therefore delighted to have been able to finalise a deal that not only secures the future of the group, but most importantly protects all existing jobs. 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."
