Gaucho creditors owed £65m as huge debt pile is revealed

Creditors of Gaucho were owed nearly £65m when the business fell into administration earlier this year, it has emerged.

The colossal figure, which comes after a report claimed that the debt pile of the UK’s top 100 restaurant groups had swelled by £310m in the space of a year, was revealed in a Statement of Affairs document lodged with Companies House.

It lists the estimated deficiency to creditors as £50.4m and a further £14.6m to shareholders, making a total of £64.9m.

Employee wages and holiday pay are listed as preferential creditors with liabilities totalling £935,000.

Members and creditors are due to meet on 19 September to vote on CVA proposals that, if successful, would see all 16 Gaucho restaurants and around 750 jobs saved.

Last week lenders SC Lowry and Investec joined forces to buy the business, with the takeover due to be completed in mid-October.

M Restaurants founder and former Gaucho MD is understood to have returned to the company to lead its revival.

Gaucho lenders agree to buy chain’s 16 restaurants out of administration

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