Living Ventures to upgrade estate
Manchester-based Living Ventures is to refurbish parts of its 26-restaurant estate after securing a £4m cash injection from Lloyds Bank Corporate Markets.
The business, led by managing director Tim Bacon, has refinanced and increased an existing credit facility.
It operates under a number of different brands, including nine Gustos, eight under The Grill by Blackhouse name, two Olives Presses and two Red Doors.
It also has five one-offs: The Alchemist, Australasia, the Oast House, Suburbia and Peppermint Bay.
In a statement the group said like-for-like sales have grown 3% this year with Gusto marginally stronger at 4%.
It said the cash will enable it to continue a programme of refurbishment works as it aims to increase sales.
Bacon said: "We are delighted to have secured fresh support for the business through Lloyds Bank Corporate Markets. The team in Manchester really understands what we are trying to achieve.
"We are on a positive trajectory and having still greater financial backing is exactly what we need to consolidate our position in the market."
fair play to them. I didnt realise how much of the Manchester nightlife they controlled. Doing a good job so no complaints.
By CJ
Id they ever went bust, there wouldnt be any form of nightlife in Spinningfields..
By Paul