Famous Brands, the owner of the Steers, Wimpy and Debonairs Pizza brands, appears to have turned around the fortunes of its struggling Gourmet Burger Kitchen business, whose value it has written down by more than R1bn since 2016.
Famous Brands was upbeat about GBK’s prospects when it released results for the year to end-February on Wednesday. The group said despite a constrained consumer spend environment in the UK, GBK improved its performance as measures implemented during the year gained momentum. This included the reduction of GBK’s network from 106 restaurants to 80. A total of 24 stores were closed in the UK in the year to end-February.
With its troubles in the UK, Famous Brands has joined the growing list of SA companies that struggle in overseas markets. McCurrie said the recent growth in sales was indicative of the impact of the restructuring of the UK business. “Things are looking a little better now. The restructuring will have to work. Otherwise Famous Brands will have to get out. It is a highly competitive environment,” he said, citing the growth of online food delivery.
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: BDliveSA - 🏆 12. / 63 Read more »
Source: IOL - 🏆 46. / 51 Read more »
TFG’s investment in online offering pays offOnline turnover grew 57.2% in the year and now accounts for 8.8% of group sales, with 23 brands of its 29 now available online
Source: BDliveSA - 🏆 12. / 63 Read more »
Manufacturing migration: Trade spat shifts business from 'Factory of the World'From socks and sneakers to washing machines and watches, Asian countries are hoping the US-China trade war will permanently boost manufacturing as brands dodge the row by choosing cheaper locations to make their goods.
Source: TimesLIVE - 🏆 28. / 59 Read more »