https://www.engineeringnews.co.za

Famous Brands' UK burger chain shuts 14 struggling stores

12th December 2018

By: Reuters

  

Font size: - +

Famous Brands said on Tuesday its UK-based unit Gourmet Burger Kitchen (GBK) has closed 14 out of 17 under-performing stores following the approval of a restructuring plan by creditors.

A string of British store groups have either gone out of business or announced plans to close shops this year, as they struggle with subdued consumer spending, rising labour costs, higher business property taxes and growing online competition.

The closures, part of a so-called Company Voluntary Arrangement (CVA) restructuring, allow the business to avoid insolvency or administration.

"While the other three sites have improved their performance, they remain under review, pending further action," the firm said in a statement.

The South African firm bought GBK in 2016 but its contribution to group profitability has been hampered by pressure on consumer spending as well as factors ranging from higher property rates, increased input costs and an oversupply of restaurants.

Edited by Reuters

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

Sika South Africa
Sika South Africa

Sika South Africa is a trusted partner for the nation’s infrastructure, commercial, residential, and industrial sectors.

VISIT SHOWROOM 
Egoli Gas (Pty) Ltd
Egoli Gas (Pty) Ltd

As a reticulator, Egoli Gas provides natural gas to homes and businesses via underground pipes.

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







301

sq:0.047 0.809s - 122pq - 2rq
Subscribe Now