Restaurant group Gaucho Grill will be removed from the Alternative Investment Market within a few weeks after being bought by a company founded by members of Gaucho’s management team.

The company, Pan European Restaurants, set up for the purpose of taking Gaucho private, now owns 90.7% of the group, which under the Companies Act means it can now force the remaining shareholders to sell their shares in the business.

Earlier this month, Gaucho announced that its independent directors had reached an agreement to sell the entire share capital of the group to Pan European.

Pan European is 24% owned by the Gioma group, a company in which Gaucho’s chairman Zeev Godik and operations manager Jan Geenemans hold an major stake. The other 76% of Pan European is owned by investment company Furtado, which is controlled by the same group of private investors who control Gioma.