, UK

Gaucho Group bought out of administration

The move could save 16 restaurants and 750 jobs.

Two of Gaucho Group's lenders have struck a deal to buy it out of administration.

Investec and SC Lowy's plan to rescue 16 branches and 750 jobs has a catch, however, with the purchase hinging on the successful delivery of a company voluntary arrangement (CVA) according to its administrator Deloitte.

The new suitors wish to dump liabilities linked to Gaucho's sister restaurant chain CAU, which collapsed in July.

Creditors, including landlords, must give the CVA the green light in a vote on September 19 in order for the rescue deal to go ahead.

Join QSR Media UK community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!