Buenos Aires Restaurants Holdings Ltd, a new company set up by Gareth Lloyd-Jones - the former chief executive of Gourmet Holdings and Steven Hill, the former chief executive of Wagamama and current chairman of Pho, has acquired the six-strong Buenos Aires steakhouse chain, as part of a management buy-in, M&C has learnt.
M&C understands that Hill will become chairman and Lloyd-Jones will become chief executive of the company, which was set up seven years ago by husband and wife team Cristian and Linda Barrionuevo.
The pair believes there is a significant opportunity to grow the business further across the UK in the years ahead.
Acquisition finance for the deal was provided by NatWest’s Hotel & Leisure team led by Steve Crosswell.
During his 10 years at Gourmet Holdings, Lloyd-Jones grew the coffee and restaurant business from two sites in central London to over 48 locations nationally.
He said: “Buenos Aires restaurants is a dynamic growing business and one of the leading steakhouse brands in the UK. Cristian and Linda have nurtured the brand and their success over the past seven years is testament to the heart and soul they have given to it. Steve Crosswell and his colleagues in the Hotel and Leisure team at NatWest have supported us throughout this process providing the acquisition finance to complete the transaction.”
Cristian Barrionuevo, co-founder, said: “Gareth has been been helping us grow our business over the past four years and, together with Steve as chairman, I believe that they are the ideal team to deliver the next stage of our expansion plan and the development of the Buenos Aires restaurant brand.
The brand currently operates sites in Chiswick, Wimbledon, Horsham, Purley, Richmond and Reigate.
