Ithaca Due to Close

Ithaca, one of the trendiest bar-restaurants in Manchester, boasting an A-list clientele including the Beckhams and Kanye West is preparing to shut down.  The revelations comes just two months after  new investors came in following their holding company going in liquidation in November.

The new investors had apparently given the business a ‘new lease of life’ and had been planning an expansion programme, broadening their venues overseas into Dubai as well as adding more properties in the UK. 

The holding company, Ithaca Manchester Ltd went into liquidation owing around £1.9million, mainly to Natwest Bank and HM Revenue & Customs.  This forced them into Creditors Voluntary Liquidation and the no investors haven’t had any better luck since coming in and now they are planning a ‘last hurrah’ with a closing down party due shortly.

The initial business was aimed at Manchester high fliers, however plans had been to turn it into a more realistic and affordable venue whilst still maintaining its luxury image.  It has been said that they had been in talks with other potential investors, including various Premier League footballers with a view to another takeover, however these talks have fallen through.

A spokesman from the business said that they planned to go out on a high and this has been made possible with the restaurant winning ‘Best Manchester Restaurant’ at the Hi-Life Dining Awards earlier in the month.

Apparently, there are talks of the business being re-launched in 2011 on a smaller scale with the venue likely to be in Cheshire.

A further statement from the assistant manager has said that the final nail in the coffin so to speak was the cold snap hitting the country in January.  This heavily offset the projected sales figures that were hoped may save them.  

Posted at 11:28AM Feb 17, 2010 by Marc Stenton in Insolvency  |  Comments[0]