The Gaucho restaurant chain is set to be rescued from administration after two investment banks teamed up to acquire the group’s debt as a prelude to taking control of the business.
Investec, part of Gaucho’s existing syndicate, and SC Lowy, a boutique investment house based in Hong Kong, are believed to have bought out HSBC and other lenders at a rumoured 40p in the pound for the estimated £50m of debt.
The two banks are understood to have agreed terms to acquire outright control of the chain of 16 restaurants, although some sources suggested last night that they may be working on the deal with Aurelius, a Munich-based private equity firm that recently acquired Ideal Shopping Direct, the home shopping group.
