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Business as usual for Gaucho with “exciting sale” in sight

Published:  10 August, 2018

The Gaucho Group has confirmed that it is ‘business as usual’.

The management team of the 16-strong restaurant group, which went into administration following the axing of sister restaurant Cau last month, said it was “very much business as usual” in a statement released this morning.

The statement followed “some confusion, even within the hospitality industry”, of the exact status of the group, said CEO Oliver Meakin.

“We would like to set the record straight.  All 16 of our UK Gaucho restaurants are open, each location is profitable and completely sustainable, and our wonderful staff are fully committed to providing our guests with a genuinely memorable experience through delivering a taste of Argentina’s best beef and wine,” he said.

The group was continuing to trade through the administration period, supporting its administrators Deloitte LLP, he added.

“We are confident of an exciting sale of the Gaucho restaurants within the next two to three weeks,” he said, adding there were several “high quality” potential buyers for Gaucho who recognised the potential to build upon the brand.

“We are talking to potential buyers about future UK expansion, as we believe there are a least a further six locations where Gaucho would trade successfully and we also believe that Gaucho could trade successfully in Western Europe with openings under our management.” 

To ensure the “business as usual” message reaches guests, Gaucho said it would be undertaking a strategic communications campaign over the next few weeks.

Meakin also confirmed there had been no disruption to Gaucho due to the administration, with “key suppliers recognising the strength of the business, and wanting to continue to support it”, he said.