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Well done: Gaucho lenders save steak chain

Gaucho, the premium steak restaurant chain, has been saved from collapse by a consortium of the business's lenders.
Administrator Deloitte said a vehicle created by banking groups Investec and Hong Kong-based SC Lowy, known as Lomo Bidco, won an auction for the casual dining chain - the participants having previously been revealed by Sky News.
Few details of the deal - saving all 16 outlets and 750 jobs - were divulged, but it was subject to the approval of a company voluntary arrangement (CVA), Deloitte said.A positive vote, due to be held next month, would effectively allow the new company to ditch liabilities linked to Gaucho's failed sister restaurant chain Cau, which also collapsed in July but with the immediate loss of 540 jobs.A spokesman for Investec said: "We have supported Gaucho since 2016 and continued to provide support to the business through the difficult conditions experienced in 2018."We know the Gaucho team well and have significant confidence they can reinvigorate and grow the Gaucho brand.
Well done: Gaucho lenders save steak chain

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Luke Johnson, a veteran of the restaurant sector, was among the bidders for Gaucho
"In light of this we have acted in conjunction with SC Lowy to ensure the survival of Gaucho.
"We believe the creditor group will support the necessary CVA allowing Gaucho shortly to exit administration so we can take the business forward."Gaucho will be led by a new chief executive after Oliver Meakin stepped down, with the founder of M branded dining venues, Martin Williams, seeking to take the business forward.Its collapse was linked to tougher trading and difficulties meeting a tax bill.It has proved a tough year for the sector as a whole amid falling footfall for town centres, with the likes of Prezzo, Byron and Jamie's Italian all shutting restaurants and axing hundreds of jobs.
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Matt Smith, partner at Deloitte, said: "We are delighted Investec and SC Lowy have agreed to purchase Gaucho, which offers the best outcome for all parties."Gaucho is a profitable and successful business and with the support of its new owners can now focus on its future growth plans."
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