Hugh Osmond’s eponymous Osmond Capital group is said to be one of three companies bidding for struggling steak chain Gaucho.
Osmond is thought to have bid less than the £50m owed by Gaucho to its creditors, and according to Sky News, is competing with Core Capital and Limerston Capital for the chain.
Talks between current owners Equistone and potential buyers began in May, with any deal likely to be made as part of a pre-pack administration as it would mean the parent company is responsible for the financial problems of the loss-making chain. Gaucho’s advisors at KPMG are said to be trying to complete a deal by the end of this month.
Osmond Capital is already behind restaurant chains such as Pizza Express, Strada and Punch Taverns, and in recent months Gaucho has been struggling with high street footfall alongside several chains such as Carluccio’s, Prezzo and Jamie’s Italian.
A Gaucho spokesperson said: “We will not comment on individual proposals but we can confirm that all proposals are being evaluated on the same criteria of value, deliverability and certainty of funding.
“We are working through the proposals to secure the best outcome for all stakeholders.”