Gaucho restaurant chain face administration: Full list of branches expected to close
GAUCHO, the steak restaurant chain, is facing administration with 1500 jobs at risk. The move is expected to lead to the closure of CAU restaurants across the UK.
Gaucho, which employs 1500 people, has filed a notice of intention to appoint Deloitte as its administrator.
This will give the company 10 days before they must settle with creditors. The struggling restaurant group faced a tax demand from HMRC of more than £1million, and was given until 13 July to pay.
According to reports by Sky News today, sources close to the company have warned it could fall into administration as soon as today.
Fans of the restaurants will be pleased to hear the administration plan should leave the 16 Gaucho outlets as a “viable business”, according to sources who spoke to Sky News.
But CAU, which is a subset of Gaucho, is likely to close as it is loss-making.
Gaucho restaurant face administration - could your local branch close down? Full list of restaurants expected to shut
In a statement to Sky News, a Gaucho spokesman said: “Despite an extensive options process which attracted proposals from a number of parties, it is with regret that due to the complexities of the group's legal structure, ongoing underperformance at CAU and the level of indebtedness, the directors have been unable to find an agreed, solvent solution.
"Consequently, the directors have today filed in court a Notice of Intention to appoint an administrator for the business.
"Until such time as the administrator has been appointed and agreed plans with management, it is business as usual."
It is thought CAU would - if approved by creditors - close via a company voluntary arrangement (CVA).
Full List of CAU Restaurants
Amsterdam
Bath
Birmingham
Bristol
Cambridge
Didsbury
Edinburgh
Glasgow
Guildford
Hawrrowgate
Henley
Kingston
Leamington Spa
Leeds
Liverpool
London Blackheath
London St Katrine Docks
London Wimbledon
Manchester Media City
Reading
Southampton
Tunbridge Wells
Wilmslow