Patisserie Valerie boss plots a rescue of crisis-hit restaurant group Gaucho, where hundreds of jobs are at stake
- Veteran food boss Luke Johnson is among a small number of bidders for Gaucho
- He is battling rival interest from Carlyle and Aurelius Equity Opportunities
- His bid could save hundreds of jobs out of a workforce of 1,300
Veteran food boss Luke Johnson is plotting a rescue of the crisis-hit, high-end restaurant group Gaucho
Veteran food boss Luke Johnson is plotting a rescue of the crisis-hit, high-end restaurant group Gaucho.
The Patisserie Valerie boss is among a small number of bidders for the group which is in administration, Sky News reported, battling rival interest from American buyout firm Carlyle and Aurelius Equity Opportunities.
It could save hundreds of jobs out of a workforce of 1,300.
Gaucho group comprises the Gaucho and Cau restaurant chains, which have 16 and 22 restaurants respectively.
Its private equity owner Equistone failed to reach agreement with creditors or find a buyer and called in administrators last month.
Underperformance at Cau, was one of the key reasons for the collapse.
However, the casual dining market has been hit by a fall in sales along with a crisis on the High Street that has seen 50,000 jobs axed during the first half of the year. Johnson, 56, made his name building up Pizza Express.