UK Burger chain write-down pushes Famous Brands into US$37.1m loss

SOUTH AFRICA - Africa's leading quick-service and casual dining restaurant franchisor, Famous Brands has reported an interim loss of US$37.15 million after announcing earlier that it expected to register a US$61 million impairment from the United Kingdom operations, Gourmet Burger Kitchen. For the six months to ended August, the restaurant franchiser grew its overall interim…

Famous Brands earnings to be hit by US$61m impairment from UK Gourmet Burger

SOUTH AFRICA - South African restaurant franchisor Famous Brands has announced that it expects to register US$61.06 million (R874m) impairment from its UK restaurant business, GBK which has failed to meet performance expectations, according to IOL Business Report. Gourmet Burger Kitchen it acquired in 2016 for US$146.6m has been recording losses as trading conditions continue…

Famous Brands sales grow 6.7% even as losses from UK’s GBK more than tripled

SOUTH AFRICA - Famous Brands, JSE listed and Africa's leading quick-service franchisor has reported 6.7% growth in sales despite a loss from Gourmet Burger Kitchen (GBK) which more than tripled in the UK, Business Day has reported. In its voluntary performance update issued on August 16, the casual dining restaurant chain said GBK would contribute…

Famous Brands closes one of its GBK restaurants in the UK

UK - Famous Brands, the JSE listed quick service brand has closed a premium burger restaurant in the UK, saying that it has set funds aside in case it decides to close another five outlets in the market, reported Business Day. The group said that it was expecting to report a US$9.21 million operating loss…

Famous Brands expects to report US$9.21m loss from Gourmet Burger deal

SOUTH AFRICA - The South African fast-food franchises, Famous Brands said it expected to report a US$9.21m operating loss from the UK acquisition of Gourmet Burger Kitchen (GBK) in the financial year ending February results. Business Day reported its share price fell 5.4% to US$8.03 on Thursday morning after it warned shareholders it expected to…

Famous Brands’ writes off US$37.71 million against its Gourmet Burger Kitchen

SOUTH AFRICA - Famous Brands, South African fast food chain shares fell and expects earnings per share to decline 20% after making an announcement that annual earnings would be hit by impairment charges amounting up to US$33.7 million for the year, as stated by Business Report article. According to the company, this will involve impairments at…

Long-serving Famous Brands director Kevin Hedderwick resigns

SOUTH AFRICA - Famous Brands non-executive director, Kevin Hedderwick has resigned with immediate effect after 18 years of service at the group. He joined the Famous Brands in February 2000 as Managing Director for the Steers Brand. As Group Chief Executive of Famous Brands Limited, his primary remit was Group Strategy with an overarching focus…

Famous Brands blames economic crunch for casual dining slide

SOUTH AFRICA - Not even Tashas regulars have been immune to SA’s economic crunch. Releasing interim results on Monday, Famous Brands’s research showed that customers visited casual dining and quick-service restaurants 16% less frequently than a year ago as footfall through SA’s malls has dwindled. Casual dining — through its Tashas, Mythos, Turn n Tender…