The consortium that rescued Gaucho has agreed to buy the steak chain’s recently reinstated chief’s London business M Restaurants, netting a payday for backers including retired footballer Andy Cole.
Restaurateur Martin Williams founded M Restaurants- which has three branches- in 2014 after spending nine years as managing director as Gaucho. He returned to lead Gaucho last year when it was bought by banks Investec and SC Lowy.
No price for M Restaurants was divulged but a “profitable exit” was secured for shareholders, including Williams, former Manchester United striker Cole and Seedrs investors.
M Restaurants and Gaucho will operate independently under a new company called Rare Restaurants. Zeus Capital advised on the deal.
Williams’ team at Rare Restaurants will also include Jim Kottler who has joined as finance chief from D&D.
Williams said: “Both brands are incredibly close to my heart and I am confident that together with Investec Bank and SC Lowy’s backing we have what it takes to build further on the success we’ve already achieved.”
Shareholders Investec and SC Lowy said: “As Gaucho continues to grow steadily and build on an established presence, M’s dynamism and ongoing expansion makes it a perfect complement.”
Gaucho previously struggled with the underperformance of its CAU brand which has now closed.
