Drake and Morgan, the restaurant and bar group, has confirmed that it has secured approval to enter a company voluntary arrangement (CVA).
The CVA proposal was finalised as 90% of creditors who voted approved the motion at a meeting on 2 June.
Through the decision, which follows a strategic review of the business, three of the group’s 22-strong portfolio of restaurants and bars will be forced to close.
Jillian MacLean, founder and CEO at Drake and Morgan, said: “We wish to thank our landlords, suppliers, business partners and other creditors for their support.
“The approval of the CVA means we can look forward to strong growth and begin rebuilding the business on a positive financial footing.”
The CVA plans had been revealed in May this year, with the group deciding that action needed to be taken to enable the company to continue trading and secure the long-term future of the business.
Two partners at Deloitte were appointed by Drake and Morgan to advise on the CVA.