Living Ventures has called in administrators at Artisan and the Manchester House Bar & Restaurant after the company said it had “struggled with balancing rising costs and high rents”.
Administrators at Duff & Phelps have been appointed at Manchester House on Bridge Street, on the edge of Spinningfields, and at Artisan, just around the corner within Spinningfields.
Manchester House set out its stall as a high-end dining venue, while Artisan was more focussed on casual dining.
The rest of the Living Ventures Group, which counts venues Australasia and Grand Pacific in its portfolio, continues to trade as normal and is expected to report a revenue of around £20m for the year to 31 March 2018.
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 administrators said any with a reservation at either restaurant will be contacted and offered alternative bookings at one of Living Ventures’ other sites. Any gift cards for either restaurant will be redeemable at Australasia until 31 March 2019.
The casual dining sector has seen a major overhaul this year, with Jamie’s Italian, Prezzo, and Byron among those urgently putting into action branch closure plans in a bid to stay afloat. Earlier this year, Cau and Gaucho’s parent company also entered administration.