Gaucho Grill denies de-listing rumour

Gaucho Grill has denied reports that it is to apply to be de-listed from the London Stock Exchange by the end of the month.

Steve Van Tongeren, finance director at Gaucho, said there was no truth in the reports of a de-listing and the group would issue a statement later today to deny the rumour.

He did admit that Oceana Investment Corporation, the company's main shareholder, had been buying more shares in the company and would soon own 75% of Gaucho. The London Stock Exchange could make the company remove itself from the listing if Oceana reach this figure but was unlikely to do so in order to protect Gaucho's minority shareholders, said Van Tongeren.

The purchase of more shares by Oceana comes after Zeev Godik, chairman and chief executive of Gaucho, and his management team called off a management buyout last month after a 72% slide in the company's pre-tax profit in the six months to 30 June.

He said there would be no change to the company if it was asked to be de-listed from the London Stock Exchange.