Newspaper article Manchester Evening News

Steakhouse Chain Gaucho Calls in the Administrators

Newspaper article Manchester Evening News

Steakhouse Chain Gaucho Calls in the Administrators

Article excerpt

STEAKHOUSE group Gaucho has called in administrators, as the casual dining crunch continues to bite.

The company runs 22 CAU restaurants, including branches in Didsbury, MEDIACITYUK in Salford, and Wilmslow, and 16 Gaucho outlets including St Mary's Street, Manchester.

The group employs around 1,500 people.

In May bosses called in restructuring experts KPMG to assess a number of rescue measures including closing its CAU branches.

Directors yesterday started the process of finding an administrator for the business.

A company spokesman said: "Despite an extensive options process which attracted proposals from a number of parties, it is with regret that due to the complexities of the group's legal structure, ongoing underperformance at CAU and the level of indebtedness, the directors have been unable to find an agreed, solvent solution. …

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