Steak house saved

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.