Chain owners Gaucho have fallen out of love with the chain, and have brought in financial advisors KPMG to look at cost cutting options. KPMG’s methods include a potential Company Voluntary Arrangement (CVA) subject to the approval of landlords and creditors.
A spokesperson for Gaucho said: “As part of a comprehensive strategic review, the group’s new management team with the support of its shareholders, is at the early stages of exploring a number of financial restructuring options. No decisions have yet been made.”
The chain has reportedly suffered double digit declines in revenue which has accelerated in recent weeks.
Gaucho-branded restaurants look to be unaffected by the troubles as they are reported as performing in line with the current market.