BigHospitality's sister site MCA reports that Duff & Phelps has been appointed to oversee the process, which will include the closure of the brand’s site in London’s Smithfields – Grill on the Market and one of its two restaurants in Manchester – Grill on the Alley.
The company believes the CVA will place the business in a stronger position for future growth under managing director Scott Grimbleby, with its three other sites in Glasgow, Leeds and New York Street, Manchester, understood to be profitable and trading well.
A Living Ventures spokesperson said: “Blackhouse Restaurants Limited can confirm it is seeking a Company Voluntary Arrangement with its creditors.
“As part of this process we are closing our London restaurant, Grill on the Market, with immediate effect. We are also proposing to close one of our Manchester restaurants, Grill on the Alley, following consultation with staff and ahead of the building’s planned redevelopment by the landlord next year.
"Any customers with reservations in Grill on the Alley who may be affected will be offered a transfer to our other Manchester restaurant, Grill on New York Street. It is our intention to refund any customer deposits paid in advance for bookings at the two restaurants affected by these plans.”
Last month, Living Ventures announced after “a period of difficult trading” it had taken the decision to put its Artisan and Manchester House businesses into administration.
It is thought that chef Aiden Byrne, who previously headed up the kitchen at Manchester House and recently left nearby rival, D&D London’s 20 Stories restaurant, is one of the parties bidding to acquire Manchester House out of administration.
The remainder of the Living Ventures Group continues to trade normally, with revenues for the full year to March 2018 at c£20m.
The group will continue focus on successful ventures such as Australasia, Grand Pacific and new projects such as Sunset by Australasia, which has had a strong start after launching in August this year.
This story originally appeared in BigHospitality's sister title MCA. To subscribe to MCA's breaking news feed, click here.