Gaucho Grill, the premium steakhouse operator, is to purchase Canyon in Richmond for £1.2m. The company, partly owned by Phoenix Private Equity, has exchanged contracts with current owner The Food and Drink Group (TFDG). The riverside site is TFDG's last remaining pure restaurant, an overhang from when the group, previously known as Hartford Group, operated a collection of upmarket eateries, such as Pharmacy at Notting Hill. It has since repositioned itself as a bar operator. The restaurant had been for sale for more than a year. Gaucho, led by chief executive Zeev Godik, currently operates eight UK restaurants - seven in London and one in Manchester. The group is also due to open at More London, near Tower Bridge. Barclays sold its 47.5% stake in Gaucho's parent group, called Gioma, to Phoenix in July, in a deal which valued it at £55m - or almost £7m a site.