Gaucho acquired by Lomo Bidco as it exits voluntary administration
Their new management team will be lead by Martin Williams who will also continue to be the CEO of M Restaurants.
Gaucho has announced that they were acquired by Lomo Bidco, a conglomerate of the banking and finance groups Investec and SC Lowy, out of the steakhouse chain’s voluntary administration process.
Their management team, led by Martin Williams, has revealed their plan for the chain in 2019. This is said to include refurbishments and a new brand direction.
They have also launched their new menu, featuring both classic and Nuevo offerings. They aim to introduce “a transformation of the brand that both embraces Gaucho’s history but that mirrors the innovation, modernity and style that define the spirit of Latin America today.”
“Congratulations to Investec and SC Lowy on supporting Gaucho through this difficult period and ensuring the survival of the business and safeguarding over 700 jobs. I am delighted to be leading this incredible journey which will re-establish the brand as the leading premium restaurant group in the UK and diners’ ‘go to’ favourite,” Williams said.
Williams used to be the managing director for the Gaucho. After he left, he founded steakhouse restaurant M Restaurants.
“In an incredibly challenging environment for the restaurant sector, it is fantastic to be heading up both M and Gaucho – I am delighted that I have the best talent in UK Hospitality working with me in both companies and proud that we will be delivering outstanding experiences for the increasingly discerning diners of the UK,” he added.
(Photo credit: Gaucho Facebook)
