Subscriber login Close [x]
remember me
You are not logged in.

Gaucho brought back from the brink by investors

Published:  05 September, 2018

Ailing Argentinian steak chain Gaucho has been saved by its lenders, after falling into administration back in July.

Harpers has learned banking groups Investec and SC Lowy have created a new vehicle through which to acquire the casual dining firm, rescuing 750 jobs and Gaucho's 16 steak restaurants in the process.

Gaucho CEO Oliver Meakin is also stepping down.

The rescue deal will now have to be greenlit by landlords and other creditors in a vote scheduled for 19 September.

Martin Williams, CEO and founder of the group of M Restaurants will be working with the stakeholders to “drive the next stage of Gaucho’s development”, administrators Deloitte said in a statement.

The success of the buyout bid will depend on the approval of a company voluntary arrangement (CVA), which would allow the company to offload its liabilities linked to Gaucho's sister restaurant chain Cau, which collapsed almost two months ago.

The sale is expected to complete in mid-October following approval of the CVA.