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.
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