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Wed 24th Oct 2018 - Martin Williams sets out vision for Gaucho, Patisserie Valerie admits share options not disclosed
Martin Williams sets out vision for Gaucho after administration: Steak brand Gaucho has exited administration after its acquisition by Lomo Bidco, an entity owned by Investec Bank and SC Lowy, and has set out plans for the future. Restaurateur Martin Williams, a former managing director of Gaucho, will lead the company through the next phase. He will maintain his role as chief executive of M Restaurants, the successful restaurant group he established in 2014. A spokesman stated: “The new vision, which will be implemented immediately, will build on everything about the Gaucho heritage that is loved – modern Latin American food and drink, an exciting, internationally appealing atmosphere and experiential style of service. The management team has further plans for 2019 onwards to include refurbishments and a new brand direction. A new menu, launched this week, retains favourite iconic dishes but also introduces a wider selection of Latin American-style items to the offering at Gaucho. The new menu features ‘classic’ and ‘nuevo’ sections that offer a preview of how the management team plans to develop the business during 2019 – a transformation of the brand that embraces Gaucho’s history but mirrors the innovation, modernity and style that define the spirit of Latin America today. The new Gaucho leadership team has planned a programme of events, including an evolving series of pop-ups with world-renowned chefs. Six key appointments have been made that will strengthen the Gaucho leadership and complement Martin’s know-how in the sector. Each of these individuals has been identified by Martin as being of the highest calibre in their speciality, sharing the vision of Martin and the shareholders for Gaucho and with a proven ability to drive the business forward.” Williams said: “Congratulations to Investec and SC Lowy on supporting Gaucho through this difficult period and ensuring the survival of the business and safeguarding more than 700 jobs. Investec and SC Lowy believe Gaucho is a great business and a brand that can be taken to new heights. I am delighted to be leading this incredible journey, which will re-establish the brand as the leading premium restaurant group in the UK and diners’ ‘go to’ favourite. The future of Gaucho will embrace the heritage of the brand and its 24 years as a UK institution and simultaneously partner with and be inspired by the most modern world-class innovators of food and drink who are taking Latin America and the world by storm. We have the world’s best Latin American talent joining us for a series of celebrations to start the evolved Gaucho journey! In an incredibly challenging environment for the restaurant sector, it is fantastic to be heading up both M and Gaucho. I am delighted I have the best talent in UK hospitality working with me in both companies and proud we will be delivering outstanding experiences for the increasingly discerning diners of the UK.” A spokesman for investors Investec and SC Lowy said: “We are delighted Gaucho has been able to exit from this troubled period and, through our support, the survival of the business has been ensured. We know the brand and business well and have utmost confidence there is a bright future ahead. We are extremely pleased to have brought Martin on board and are fully committed to supporting the vision for the business, including investment in restaurants and the brand. This is an exciting time for Gaucho and we look forward to the Gaucho proposition leading re-engagement with our customers.”

Patisserie Valerie admits share options not disclosed: Patisserie Valerie has admitted that share options awarded to chief executive Paul May and finance director Chris Marsh have not been properly disclosed. The company, detailing the options that have been granted in 2014, 2015 and 2016, stated: “Patisserie Holdings notes the recent press commentary regarding the company’s three-year 2014 long-term incentive plan for executives. The company, as part of the ongoing investigation, is seeking to understand why the grant of options relating to 2015 and 2016 have not been appropriately disclosed and accounted for in its financial statements.” Patisserie Valerie has also survived a winding-up petition brought by HMRC. HMRC had sought to liquidate the firm over unpaid tax of £1.14m by seeking the order against parent company Patisserie Holdings’ principal trading subsidiary, Stonebeach Limited. However, the High Court of Justice, Business and Property Courts dismissed the request, the company announced today.

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