At a meeting on 2 June, 90% of creditors who voted approved the proposal.
The decision will lead to the closure of three of group’s 22 bars and restaurants.
They are The Allegory and The Listing, in London, and The Refinery in Spinningfields in Manchester.
All team members in affected sites set to be offered alternative roles within the company.
“We wish to thank our landlords, suppliers, business partners and other creditors for their support," says Jillian MacLean, founder and CEO of Drake & Morgan.
"The approval of the CVA means we can look forward to strong growth and begin rebuilding the business on a positive financial footing.”
It was reported last month that Drake & Morgan was launching a CVA in order to help it recover from prolonged closures due to the Coronavirus pandemic. It followed a strategic review of the business.
At the time, MacLean said: “We started last year as a profitable and growing business and, in common with the rest of the hospitality industry, have been significantly affected by repeated lockdowns and tier restrictions.
“This course of action will safeguard the future of the group and give it the breathing space it needs to recover. We would like to thank all our stakeholders for their support during this challenging period.
“We have started to welcome our customers back to our bars and restaurants and we’re fortunate to have a number of large terraces that are in demand. We have spent the last year developing our teams and innovating our product, and we are now looking to the future.”