Gaucho Grill, the Argentinean steakhouse concept led by Zeev Godik, has reported a 11.5% rise in turnover for the year to 31 December 2010, despite pre-tax losses widening to just under £9m.
The group, which is backed by Intermediate Capital Group and currently operates 14 restaurants in the UK, plus one on Lebanon and one in Holland, saw turnover climb from £45.403m to £50.646m, while Ebitda increased by 2.9% from £10.704m to £11.012m during the year.
However, the company, which also operates two sites under franchise in Kuwait and a Freggo ice cream parlour, saw full-year pre-tax losses widen from £8.003m to £8.950m on the back of higher sales costs and interest payments.
In accounts filed at Companies House, Gaucho, which counts Carluccio’s chairman Stephen Gee and Cote co-founder Andy Bassadone amongst its directors, said that it wished to maintain the growth of turnover in its acquired businesses “through continued expansion of restaurants”.
The company will open its first site in the United Arab Emirates in Dubai, this winter. M&C Report understands that it is also looking at further opportunities in the region, with locations in Abu Dhabi being explored.
At the year end the group had borrowings of £36.135m. It said that a bank loan advanced by Lloyds TSB and the royal Bank of Scotland was secured by an unlimited debenture from the group and letter of guaranteed from all other companies in the group.
It said that in regards to its bank loans, £5.064m was repayable after one to two years, with a further £28.718m repayable within two to five years.
The group recently opened its first site in the UK under its casual dining steakhouse brand CAU. It opened its first UK CAU on the site of the former Auberge outlet in Guildford, and hopes to launch a further site under the format before the end of the year. It believes there is potential to eventually grow a 30-40 strong estate under the brand in the UK.
