The crisis engulfing Britain’s high streets will deepen on Wednesday when Gaucho, the steak restaurant chain, crashes into administration after its lenders opted not to pursue a rescue deal.
Sky News has learnt that the company, which employs about 1,500 people, has filed a notice of intention to appoint Deloitte as its administrator.
While that gives it up to ten days’ breathing space from creditors, sources close to the company said it could fall into administration as soon as Wednesday afternoon.
The decision will come after weeks of talks about a sale to new investors, with the restaurant entrepreneur Hugh Osmond among those who examined a potential deal.
However, insiders said the failure of Gaucho’s lending syndica…
Read the full article at: https://news.sky.com/story/1500-jobs-at-risk-as-gaucho-collapse-deepens-high-street-crisis-11440486