GREAT new for those of us who love chewing on an Argentine rib-eye while lounging on cowhide upholstery. More than 700 jobs are set to be saved after the Gaucho restaurant chain was bought out by its lenders
Investec Bank and debt specialist SC Lowy, who were together owed about £50m by Gaucho’s parent company, plan to acquire via a credit bid the chain’s 16 restaurants, including the Manchester city centre venue on St Mary’s Street.
Accountants from Deloitte were appointed joint administrators to the owner of the Gaucho and Cau chains in July leading to the immediate closure of the subsidiary 22-strong Cau restaurant chain which employed 540 people. The Gaucho chain continued to trade while Deloitte sought a buyer. If all goes to plan, the buy-out could be approved by early October.
Trade bible Big Hospitality reports that a previous Gaucho MED Martin Williams of M Steak Restaurants may make a dramatic return four and half years after leaving.