Steak house saved

Daily Mail - - City & Finance -

Hun­dreds of jobs at restau­rant chain Gau­cho have been saved af­ter it was res­cued from ad­min­is­tra­tion.

Gau­cho’s lenders In­vestec and sC Lowry have bought its 16 restau­rants, which em­ploy 750 staff, to stop it from go­ing bust.

The Ar­gen­tinian steak restau­rant group went into ad­min­is­tra­tion in July af­ter sis­ter restau­rant Cau col­lapsed with the loss of 540 jobs.

The res­cue deal is sub­ject to ap­proval from cred­i­tors. Gau­cho’s chief ex­ec­u­tive Oliver Meakin will step down. An In­vestec spokesman said it had ‘sig­nif­i­cant con­fi­dence’ in the Gau­cho team.

Newspapers in English

Newspapers from UK

© PressReader. All rights reserved.