New openings for Gaucho as owner sees record turnover

23rd May 2023 | Jack Oliver

Gaucho’s estate will reach 20 sites with the launch of a Covent Garden restaurant in June and an opening in Cardiff later in the year.

This comes as the Argentinian steak restaurant’s parent group, Rare Restaurants, reported a record-breaking turnover of £73.5m in 2022.

Last year, Gaucho opened two restaurants, in Glasgow and Liverpool, and opened its latest site in Newcastle in March.

The Martin Williams-led Rare Restaurants, which also manages the M restaurant and The Crane Tap businesses, saw its turnover increase 38% from 2021 and 29% against pre-Pandemic, 2019 levels. Group like-for-like sales were also up by over 30% compared to the previous year.

These results came despite work-from-home guidance in early 2022 and industrial action over the Christmas period, the group said, adding that strong trading had continued into 2023.

Martin Williams said: “Based on the first quarter’s trading and our focus on expansion, with two new Gaucho openings in the coming months, we are confident that 2023 will be a hugely successful year for the group.”


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