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

Gaucho Grill to float

Published:  23 July, 2008

Gaucho Grill, the renowned steak chain with the most extensive list of Argentinian wine in the UK, is to return to the stock exchange with a valuation of 100 million.

Founder and chief executive Zeev Godik will retain a 45% holding, with another 50 million sought for new openings and expansion.

The move comes five years after the company was taken private for 13.2 million in the wake of a number of profit warnings .

Godik defended the decision to return to public ownership: "it was a long time ago and it's a very different business," he said.

The valuation seems high at 100 million when a secondary buyout by Godik two years valued the company at 23.5 million. It also values each restaurant at around 10 million.

The company owns 11 restaurants in the UK, nine in London, one in Manchester and one in Amsterdam, as well as other, non-Gaucho branded restaurants in Holland.