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MBO bid at Gaucho Grill as beef concerns affect trading
The ban on Argentine beef imports and negative consumer sentiment towards beef due to BSE and foot and mouth were cited as reasons for poor trading at Gaucho Grill. In the six months to 30 June 2001, trading was 'significantly below expectations' and the company warned that poor sales may continue to the end of the year, despite a trend for trade lifting in the second half. Chief executive and chair, Zeev Godik, also announced a bid to take the eight UK and 31 European steakhouses private in a management buyout. Godik and the management team already own 66 per cent of Gaucho through their Gioma vehicle, however non-executive directors have been approached with a 35p-a-share offer for the remainder of the company, valuing it at £24m. Last year, Gaucho Grill made profits of £1.86m on sales of £24.3m. Share closed down 1.5p yesterday to 31.5p.
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