Hogan Lovells and Pinsent Masons lead on Gaucho steakhouse administration
22 CAU restaurants to close as Deloitte appointed administrators
July 20, 2018 at 12:09 PM
2 minute read
Hogan Lovells and Pinsent Masons have taken lead roles on the administration of Gaucho steakhouse's owners.
Hogan Lovells is advising Big Four accountancy firm Deloitte after it was yesterday (19 July) appointed administrator of Gaucho Grill Ltd, the owner of the Gaucho steakhouse chain and the CAU restaurant brand.
All 22 UK-based CAU restaurants will be closed, resulting in 540 redundancies, while Gaucho's 16 bases will remain open as Deloitte seeks a buyer for the business.
According to Deloitte, the group has suffered "as a result of the material underperformance of the CAU brand", which has seen negative like-for-like sales for three years, and is now "significantly loss-making".
Hogan Lovells' team is being led by business, restructuring and insolvency finance partner Debbie Gregory, with support from finance partner Tom Astle. Gregory has previously acted on the administration of high street clothing stores Peacocks and Bon Marche.
Last year, Deloitte also turned to Hogan Lovells after a cyberattack compromised the company's confidential emails.
Pinsent Masons is advising Gaucho Grill, with restructuring partner Stephen Cottee leading the firm's team.
The administration follows a lengthy period of turmoil on the high street. Other restaurants to recently undergo restructurings include burger chain Byron, on which Herbert Smith Freehills, Jones Day and Pinsent Masons took roles, and Italian chain Carluccios.
Photo credit: Vogelmann Fotografie
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