Taylor Wessing advises on management buy out of Gaucho Grill restaurants in £55m deal
Taylor Wessing has advised Barclays Private Equity and the executive management of the Gaucho Grill chain of Argentine steak restaurants, including Chief Executive, founder and long-standing client Zeev Godik, in connection with a £55 million secondary buy-out, backed by Phoenix Equity Partners.
The restaurant group was previously owned by the management team and Barclays Private Equity. It has grown to an estate of seven restaurants in London, one in Manchester and one in Amsterdam. The group opened a new restaurant in Broadgate in the City in November 2005 and has recently expanded and refurbished its flagship restaurant in Piccadilly, London, with a wine shop specialising in Argentinean wines and a transformed basement events venue.
UK finance director, Charlie McLean, who was also advised by Taylor Wessing, received a minority shareholding in the business.
Paul Burke, corporate partner, commented,
"We are delighted to have advised Zeev and Charlie on this buy-out deal, which should offer them an exciting opportunity to continue their rapid expansion of the business over the next few years."
In addition to Paul Burke, who led the transaction, other Taylor Wessing lawyers advising were corporate partner Nick Hazell, Jon Blackburn and Vanessa Graham (corporate), real estate partner Richard Grosse, Lorraine McDonagh (real estate), Nikol Davies (tax), Gareth Morgan (IP) and John Plant (employment).
Phoenix Equity Partners was advised by Travers Smith and Anglo Irish Bank by Olswangs.
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For more information please contact Taylor Wessing's Media Relations on 020 7300 4925 / 4930 or email c.treacy@taylorwessing.com
In January 2005, Taylor Wessing advised the executive management of the Gaucho Grill chain in connection with a £20.5 million management buy-out, backed by Barclays Private Equity. The deal resulted in the acquisition by Barclays of a 47% interest in the business and involved the transfer of eight Gaucho Grill restaurants (including those at Swallow Street and Canary Wharf in London, St Mary’s Street, Manchester and one in Amsterdam), a franchise business in the Middle East and the Destino nightclub in London.