Gaucho, the Argentinian steak restaurant chain, has sold a majority stake to private equity firm Equistone in a deal understood to be worth more than £100m.
The takeover by buyout firm Equistone is the latest in a flurry of restaurant deals and comes as official figures show British spending on eating out is rising by 4% a year.
Gaucho operates 14 restaurants across the UK and has a restaurant in Buenos Aires, Dubai and Hong Kong. The group also owns CAU, which has grown to 16 outlets across the UK and one in Amsterdam since its launch in 2010.