View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. News
May 14, 2002

UK: Gaucho restaurant MBO to go ahead

Gaucho Grill, is to be taken private in a £13.2m (US$19.1m) management buyout which will see the company’s independent directors buy the entire share capital. Listed on the AIM, Gaucho Grill will be bought by Pan European restaurants, an entity created specifically to buy Gaucho. Pan European is partly owned by the Gioma group, a company in which Gaucho’s chairman Zeev Godik and operations manager Jan Geenemans hold an equity interest. The other 76% of Pan European is owned by investment company Furtado, which is controlled by the same group of private investors who control Gioma, reports caterer.com.

Gaucho Grill, is to be taken private in a £13.2m (US$19.1m) management buyout which will see the company’s independent directors buy the entire share capital.

Listed on the AIM, Gaucho Grill will be bought by Pan European restaurants, an entity created specifically to buy Gaucho. Pan European is partly owned by the Gioma group, a company in which Gaucho’s chairman Zeev Godik and operations manager Jan Geenemans hold an equity interest. The other 76% of Pan European is owned by investment company Furtado, which is controlled by the same group of private investors who control Gioma, reports caterer.com.

2002 sales at Gaucho Grill restaurants are reported to be running 9.4% ahead of last year, primarily thanks to new openings. The directors have already said that some underperforming restaurants may have to be closed, although Pan European said it is planning no major changes to the business over the coming year.

Godik and Geenemans first announced plans for a management buyout in July last year but cancelled in October because of economic uncertainties and “bad timing”.

Related Companies

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. A weekly roundup of the latest news and analysis, sent every Friday. The industry's most comprehensive news and information delivered every other month.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU

Thank you for subscribing to Just Food