M Restaurants and Gaucho owner confirms two closures
Rare operates 16 restaurants in the UK under the Gaucho brand and two M Restaurants sites in Canary Wharf and the City of London
Gaucho and M Restaurants owner Rare Restaurants has confirmed the closure of two of its restaurants in London.
The company stated that it would not be renewing the leases for the M Victoria and Gaucho Smithfield Market as they “no longer meet our requirements”. It also said that all the staff at these restaurants had been offered roles elsewhere.
However, despite this the company is planning to open three new sites this year under the gaucho brand; in Newcastle, Cardiff and Covent Garden London.
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.”
Rare operates 16 restaurants in the UK under the Gaucho brand and two M Restaurants sites in Canary Wharf and the City of London.
Earlier in the year Gaucho reported double-digit EBITDA with a turnover of £73m, up from £55m.
