Thu, 24 May 2018 | BUSINESS SALE
The owner of the Gaucho chain of steak restaurants is hoping to sell up as part of a restructuring plan to save the wider business amid torrid trading conditions in the casual dining sector.
According to Sky News, Gaucho’s board is looking for potential buyers that will be able to put the firm on “sustainable financial footing” as one of many options going forward.
The firm's board drafted in advisors at KPMG earlier this year to look at the possibility of closing or selling 22 of the firm’s Cau restaurants, but has expanded the accountancy’s remit to look at proposals from potential buyers.
Reports also state that the firm may also resort to a company voluntary arrangement in order to exit the Cau estate.
In a statement, a Gaucho spokesman said: "Having completed a strategic review and engaged with key stakeholders, the directors have instructed advisers to commence an options process.
"The process aims to secure a viable long-term structure for the business. This may or may not lead to a sale."
With 16 restaurants around the UK, Gaucho is Britain’s biggest premium steak chain by number of outlets alone. All of these locations will continue to trade throughout the review process.
The company has been enjoying a decent performance in recent months, with management saying it has been performing “in line” with the restaurants sector and is as such is not under threat of closure.
Cau, a separate brand that eschews Gaucho’s Argentinian aesthetic, has seen a double-digit downturn in its most recently reported revenues, citing over-expansion, poor selection of new sites and expensive rent agreements as the chief factors leading to financial difficulties.
Gaucho recently appointed a new management team including Oliver Meakin, formerly of Maplin, in order to arrest the slump, after company founder Zeev Godik stepped down.
The firm is owned in large part by Equistone, a private equity company.
We are pleased to present to you this excellent high income generating business. Currently a running business, currently earning £20,000 p/w approx.
LEASEHOLD
Develops and produces innovative sauces and condiments, as well as a range of handmade, industry-specific frozen products, providing customers throughout the UK and Europe with a flexible and professional service.
FREEHOLD
Deeply embedded in its local community in a lucrative tourist hotspot the company has created multiple award-winning brands which it supplies through wholesale retail and ecommerce channels. Relationships are in place with several leading foodservice...
|
27
|
|
Jul
|
Tech firm acquires diversity consultancy as buy-and-build strategy gathers pace | BUSINESS SALE
Northeast cognitive disability and mental wellness tech firm...
|
26
|
|
Jul
|
NewRiver REIT completes £222.3m sale of community pubs business | BUSINESS SALE
NewRiver REIT has agreed to sell its community pub business ...
|
23
|
|
Jul
|
Buyer sought as engineering firm Cleveland Bridge enters administration | ADMINISTRATION
Structural engineering firm Cleveland Bridge has fallen into...
Sign up to receive our acquisition alert emails to get your FREE guide
|
28
|
|
Apr
|
WHP makes third acquisition in a month | BUSINESS SALE
WHP Telecoms has continued its recent acquisition spree with...
|
14
|
|
Apr
|
PE-backed telecoms group continues on acquisition trail | BUSINESS SALE
WHP Telecoms, which is backed by private-equity firm Equisto...
|
18
|
|
Mar
|
Middle East manufacturing group makes biggest UK investment with acquisition of historic paint company | BUSINESS SALE
Middle East manufacturing group makes biggest UK investment ...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources