Bids due for Gaucho

Final bids for Gaucho, the premium, steak restaurant chain, are expected to be made later today, MCA understands.

It is thought that a number of parties that had previously shown an interest in the 16-strong business, before it and sister brand CAU were placed into administration last month, have decided not to bid this time around, including Core Capital. Hugh Osmond and Limerston Capital had also been linked with a bid for the business, which is now thought to be valued at under £30m.

MCA understands that a last-minute bid by current owners Equistone, which acquired the business for c£100m at the start of 2016, was rejected by the company’s five-strong banking group.

The company’s ex-managing director Martin Williams, founder of M Restaurants, is understood to be still looking at making a bid for his former company, whilst private equity firm Endless has been linked with making a play for all or part of the business.

It is thought that although final bids are due today, the process to secure the future of Gaucho could run for a while yet.

Last month, Deloitte was confirmed as administrators for Gaucho Grill Limited, Gioma (UK) Limited and CAU Restaurants Limited, with all 22 CAU restaurants closing immediate effect resulting in approximately 540 redundancies.

It said that all of the Gaucho sites would continue to trade ‘as usual’ while the administrators seek to find a buyer for the business. They will also look to find potential buyers for the CAU sites.

GVA has been appointed to market the CAU leasehold portfolio, with offers for part or all of the estate due last week.