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Gaucho restaurant group collapses with 1,500 jobs at risk

Gaucho restaurant group collapses with 1,500 jobs at risk

Business
About 1,500 jobs are at risk after the Gaucho restaurant group said it intended to appoint administrators.The firm's advisors had been trying to find a buyer for the 39 restaurants in the Gaucho and Cau chains.However, high debt levels and a complex legal structure meant it had been unable to find an "agreed, solvent solution", a spokesperson said.The "ongoing underperformance" of Cau, which has been under threat since May, had also been an issue, Gaucho said.Directors have filed notice of intention to appoint administrators for the business, which is owned by the private equity firm Equistone."Until such time as the administrator has been appointed and agreed plans with management, it is business as usual," its statement said.Cau, described by Equistone ...