Gaucho group on the brink of administration

Buyers are being sought for the 39 restaurants owned by Gaucho restaurant group with the firm set to file for administration.

If buyers are not found, the restaurants across the UK will close, however the Dubai branch is legally separate and will not be affected.

The Argentinian steak restaurant opened in Dubai in 2011 and has proved popular, but it is the underperformance of its parent group’s Cau outlets that are believed to be behind the decision to enter administration within the next 10 days.

That means there could yet be hope that many, if not all, Gaucho branches will be saved if a buyer is found. The firm is believed to owe AED250m to its creditors and 1,500 jobs are at risk if it collapses.