Business lenders have saved the steak restaurant Gaucho from collapse. Banking groups Investec and SC Lowy, or Lomo Bidoc, won an auction saving the dining chain.

Gaucho is an Argentinian steak-restaurant serving premium quality beef and wine with restaurants located across the country.

The deal successfully saved 750 jobs across all 16 outlets.

Earlier this year, Gaucho and its sister chain CAU filed for administration. However, Gaucho was spared whilst CAU collapsed along with 540 jobs.

Sky reports that a spokesman for Investec said: “We have supported Gaucho since 2016 and continued to provide support to the business through the difficult conditions experienced in 2018.

“We know the Gaucho team well and have significant confidence they can reinvigorate and grow the Gaucho brand.

“In light of this we have acted in conjunction with SC Lowy to ensure the survival of Gaucho.

“We believe the creditor group will support the necessary CVA allowing Gaucho shortly to exit administration so we can take the business forward.”

Correspondingly, Gaucho’s current CEO, Oliver Meakin, will be stepping down from his position. The former managing director, Martin Williams, will be returning to Gaucho. That said, Williams’ specific role has not been specified.