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Gaucho losses hit £13m

20 September 2013 by
Gaucho losses hit £13m

Restaurant group Gaucho has seen its losses increase to just over £13m for the year to 31 December 2012, as turnover dropped from £55.6m to £53.7m.

The company, which was founded in 1994 by Dutch national Zeev Godik (pictured), operates 15 restaurants in the UK, one in Holland and one in the United Arab Emirates.

It also has a franchise that operates two restaurants in Kuwait. Most of those restaurants operate under the Gaucho Grill brand, although it also operates three Cau sites.

The company made a pre-tax loss during the period of £13.2m, up from £10.3m the year before, according to accounts filed at Companies House.

The company's ownership structure has changed several times, including a spell being listed on the stock market before Godik took it private again in 2002. More recently, the company has seen expansion following a 2010 management buy-out backed by Intermediate Capital Group, it has expanded to 16 restaurants in London, Manchester and Leeds.

The company's restaurants have long proved popular with City workers, and has traded well throughout the recession, despite its upmarket menu offer.

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