Gaucho Grill abandons IPO plans

14 November 2007 by
Gaucho Grill abandons IPO plans

Argentine steakhouse chain Gaucho Grill has abandoned its planned initial public offering (IPO), it emerged today.

In October, the 11-strong chain appointed brokers Collins Stewart and Altium Securities to push ahead with a flotation that would have valued the company at around £110m in a bid to raise up to £50m.

It was hoping that its strong returns on capital and the potential to add another 50 units in the UK at the rate of three a year would attract institutional support.

However, it is thought "highly volatile stockmarket conditions" have caused the group to abort the IPO.

A source told the Daily Telegraph: "Current trading continues to exceed expectations, but many fund managers are just very unsure about life at the moment."

The move comes less than a month after private equity-backed noodle chain Wagamama ditched a planned IPO in favour of a private sale.

Gaucho confirms its £100m return to the stock market >>

Gaucho buyout team aims for quality expansion >>

By Daniel Thomas

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