Two banking groups bid for Gaucho

Investec, the banking firm headquarted in South Africa, and Hong King-based banking group, SC Lowy, are bidding to buy Gaucho out of administration, according to City AM, which could save over 700 jobs.

Gaucho and its sister restaurant chain Cau collapsed into administration in July, leading to the immediate closure of the 22 Cau restaurants and the loss of 540 jobs.

Gaucho’s 16 restaurants have remained open as Deloitte seeks a buyer for the business.

The administrators have said that while Cau had suffered falling sales for three years, Gaucho is still a profitable business and could well be saved from collapse.