Gaucho and M Restaurants operator confirms closure of two sites

The operator of the Gaucho and M Restaurants brands has confirmed it has closed two London sites in Victoria and Smithfield Market.

Parent company Rare Restaurants said the M Victoria and Gaucho Smithfield Market sites “no longer meet our requirements” but added that it was “looking forward to a strong year” with three openings planned for 2023.

Martin Williams, founder of M Restaurants, was placed at the helm of Gaucho following its acquisition out of administration by Investec Bank and SC Lowy in October 2018. Gaucho’s holding company Lomo Bidco acquired the M Restaurant brand the following year, with Williams remaining as CEO of the combined Rare Restaurants.

The group operates 16 UK restaurants under the Gaucho brand and two M Restaurants sites in Canary Wharf and the City of London. Three openings are planned under the Gaucho brand in Newcastle, Cardiff and London’s Covent Garden.

The 7,000 sq ft venue in London's Covent Garden will serve 120 covers and offer pre and post-theatre dining, as well as breakfast. It will be Gaucho's first London opening since 2009.

A spokesperson for Rare Restaurants said: “Rare Restaurants continually monitors and optimises its portfolio. We have not renewed the leases at two of our sites - one in Victoria and one in Smithfield Market – as they no longer meet our criteria [and therefore will be closed].

“With like-for-like growth across our estate running at 24% and three new sites opening this year, including a Gaucho in Covent Garden, we are looking forward to a strong year. All our team have been offered roles elsewhere within the group.”

Earlier this year Gaucho reported double-digit earnings before interest, tax, depreciation and amortisation (EBITDA) on turnover of £73m, up from £55m.

Photo: Jodi Hinds