Living Ventures targets £100m revenue and Michelin Star

THE financial director of leisure operator Living Ventures is projecting turnover for the Cheshire-based company will hit £100m this year – up from £80m 12 months previously.

But Andrew Haigh revealed the company’s biggest ambition remains the attainment of a Michelin Star for its Manchester House restaurant in Spinningfields.

Speaking at Santader’s Breakthrough Moments Box on Deansgate, Manchester, Haigh said it was high time a Manchester restaurant received the accolade.

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“I don’t quite understand why Manchester doesn’t have a Michelin Star restaurant, but I am hoping the Manchester House will make it,” he said. “We will find out whether it has been successful in September.”

Haigh told the event organised to inspire other businesses to grow that eight of Living Ventures’ brands across 38 sites from Glasgow and Edinburgh to London were exceeding expectations.

Established restaurant brands include The Blackhouse, Gusto, The Alchemist and The Oast House, while four others – Artisan, Australasia, Red Door and the Manchester House were still being rolled out.

The latest development is a £6m deal to take the Australasia brand to Liverpool’s Cunard Building on the Pier Head, which was agreed with Liverpool City Council recently.

Haigh said the success of Living Ventures – founded in 1999 by Tim Bacon and Jeremy Roberts – was its ability to “constantly evolve”.

“Fifteen years ago, restaurants didn’t really market themselves,” he said.

“But we have found we have to think about the future. There will always be today’s problems, but it is important to think about what you want the business to be doing in six to eight months’ time.

“It also important to make sure we continue to have conversations with people external to the business, like landlords, funders and bankers.”

He said the company expected a lot of its management teams running its outlets.

“They are expected to be financially literate, effectively running their own small business and doing their own profit and loss accounts,” he said. “But they benefit from having a central team to mentor them.”

Over the last two years Living Ventures has sold majority stakes in two of its brands, Gusto and The Alchemist, to management teams backed by Palatine Private Equity.