The former mixologist and the man behind such brands as Living Room, The Alchemist, Australasia and the New World Trading Company, lost his battle with lymphoma at the weekend.
Bacon launched his first venture in 1993 in Manchester’s Deansgate and formed Living Ventures in 1999.
Just this month he announced he was partnering with Chester-based entrepreneur Dave Hinds and former Living Ventures bar expert, Lee Lynch, to open the third iteration of the Red Door concept in Manchester.
Jeremy Roberts, Living Ventures chief executive, said: “It is with incredible sadness that I have to announce the sad passing of Living Ventures chairman, Tim Bacon, who died suddenly but peacefully in his sleep, on Friday night following a long illness.
"Tim has had many enduring friendships with people in his private and professional life because of his vibrant, honourable and generous spirit. He gave his all to everything he did, especially to his family and his friends who were incredibly important to him. I will greatly miss him as we all will and I’ve lost a true friend.”