GAUCHO, the highly successful Argentinian style restaurant group, has reversed its decision to open its first Irish outlet in Dublin's Dawson Street.

The company paid key money of €400,000 about two years ago for the lease of Ron Blacks bar with the intention of opening an international-style restaurant. Company sources suggested yesterday that they had a change in investment strategy and would in future be expanding overseas.

With that in mind, Gaucho's Irish agent, Paul Collins of CBRE, has sold on the Dawson Street lease for €400,000 to Alan Clancy, who opened his first bar - Mrs Robinsons - in Greystones last December. He had previously worked for the Wright Bar Group. The new tenant will be paying a rent of €300,000 for the 1,000 sq m premises , which are to be extensively refurbished. The reopening of the bar after 12 years will strengthen the appeal of Dawson Street as an entertainment area.