Palatine-backed Gusto applies for CVA

In August 2020, Gusto engaged RSM to execute a sale of the business.

The business may have to close several restaurants and is likely to renegotiate rents at most sites, the item reported.

Palatine backed the company's management buyout from Living Ventures Group in April 2014. The firm drew equity from its second-generation fund, which closed on £150m in 2013. It has realised several assets to date, including insurance brokers Chase Templeton and industrial supplier Playnation.

Gusto was founded in 1987 and is based in Knutsford. It reported revenue of £32.4m in the year ending on 31 March 2019 and employs 750 people. The company is a chain of Italian-style restaurants.

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