London Road sold to Living Ventures

Celebrity restaurateur Paul Heathcote has agreed the sale of five of his nine restaurants to Living Ventures for an undisclosed sum.

London Road in Alderley Edge, Grado in Manchester and three of the Olive Press sites in Manchester, Liverpool and Cheadle Hulme have been acquired by Living Ventures, who also own Gusto and No.15 in the village.

Living Ventures, operators of the Blackhouse Seafood and Steak group of restaurants and Gusto, whose brands recently topped a survey by the National Skills Academy with a satisfaction rating of over 90% for its standards of service, will take over with immediate effect.

Tim Bacon, Managing Director, said "We are delighted to be bringing this boutique group of restaurants into the Living Ventures family and are looking forward to developing the sites and integrating them into our existing brands."

Paul Heathcote will continue to run his original Longridge Restaurant, that he started with 20 years ago, the Olive Press in Preston and his soon to be opened Heathcotes Grill & Bar in Clitheroe. He is seeking a buyer for his Bolton site.

Paul said "I have known Tim Bacon, CEO of Living Ventures, for many years. He is a very good operator and has had great success in growing his two brands - Gusto and Blackhouse Grill - so I know the restaurants are in good hands.

"The deal will allow me to concentrate on gaining recognition for a small group of restaurants. I have high ambitions for my original restaurant and the new Clitheroe one which opens next week."

Paul added: "I have always said that at 50 I would change the way I worked. After nearly 35 years in the business I still have ambitions, including gaining Michelin recognition for Longridge."

Living Ventures was founded in 1999 by entrepreneurs Tim Bacon and Jeremy Roberts who have developed a number of successful high street brands since then including The Living Room which was sold in 2007.

Tim Bacon, Managing Director of Living Ventures, told Manchester Confidential in an exclusive interview that "London Road at Alderley Edge will become a very modern British take on the Blackhouse steak and seafood model and may change to Grill on the Edge."

We will keep you informed as we hear more about Living Venture's plans for London Road restaurant.