Deloitte, the administrators of Gaucho, have confirmed the sale of the steak restaurant chain to a new vehicle created and owned by the company’s lenders, Investec and SC Lowy.

The deal sees chief executive Oliver Meakin departing, as reported by MCA this morning, with the brand’s former managing director, and founder of M Restaurants, Martin Williams “working with the key stakeholders to drive the next stage of Gaucho’s development”. Williams will continue to run M Restaurants concurrently with the new role.

Lomo Bidco will Gaucho’s 16 UK restaurants, conditional on the successful implementation of a Company Voluntary Arrangement (CVA) of Gioma (UK) Limited, the legal entity operating the Gaucho business. The CVA is being launched today.

MCA revealed last month that SC Lowy, the Hong Kong-based boutique investment bank, had bought up debt from four of the company’s five-strong banking group.

Matt Smith, Partner at Deloitte LLP, said: “We are delighted Investec and SC Lowy have agreed to purchase Gaucho, which offers the best outcome for all parties. Gaucho is a profitable and successful business and with the support of its new owners can now focus on its future growth plans.”

A spokesman for Investec said: “We have supported Gaucho since 2016 and continued to provide support to the business through the difficult conditions experienced in 2018. We know the Gaucho team well and have significant confidence they can reinvigorate and grow the Gaucho brand. In light of this we have acted in conjunction with SC Lowy to ensure the survival of Gaucho. We believe the creditor group will support the necessary CVA allowing Gaucho shortly to exit administration so we can take the business forward.”

Meakin said: “This is a fantastic outcome for Gaucho and particularly for our exceptional colleagues. I would also like to thank all of our suppliers and guests for their continued support throughout this challenging process, which is a testament to the strength of the Gaucho brand.

“Gaucho is synonymous with special occasion dining, creating genuinely memorable experiences for guests. I am confident that Gaucho has an exciting future ahead and wish the team the very best.”

The sale is expected to complete in mid-October following approval of the CVA.

Williams spent nine years at Gaucho before leaving in 2014 to set up M, which currently has three sites and a new opening in Canary Wharf set for 2020.