GBK

Today’s news in brief – 11/10/23

Marston’s saw total retail sales rise by 11.2% during FY23, ended 30 September, with like-for-like sales rising by 10.1% compared with FY22. Sales for the 10-week period from 23 July to 30 September increased by 7.7% year-on-year. This included an upturn in the last five weeks, where like-for-like sales saw…

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Former GBK owner Famous Brands warns on profits

The board of directors of Famous Brands has issued a profit warning stating that its basic earnings per share (BEPS) may be 20% lower than expected for the six months ended 31 August 2023. The company stated that the reported BEPS is expected to be between 225 cents and 174…

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Boparan owner bails out GBK

Boparan restaurant group is reportedly purchasing the Gourmet Burger King (GBK) chain through a pre-pack administration, saving 650 jobs. According to Sky News, Ranjit Boparan, the owner of the restaurant group known for the brands Giraffe, Ed’s Shakes and Waffles and Slim Chicken will purchase 35 GBK restaurants, in a…

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The hungry searcher

Last month, it was revealed Jamie’s Italian restaurant chain collapsed with 22 restaurant closures. This is the continuation of a trend which has seen a number of food outlets – including Ed’s Easy Diner, Giraffe and Gourmet Burger Kitchen (GBK) – close their doors, and has prompted speculation that Brits…

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250 jobs at risk as GBK closures given the go-ahead by creditors

Creditors have given approval for burger chain GBK to close 17 underperforming restaurants putting 250 jobs at risk. GBK is currently undergoing a major restructuring plan which includes the renegotiation of rent alongside the closures. The company’s restructuring plan was announced after it claimed to suffer from increased competition and…

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GBK enters CVA

GBK has announced it is to enter a CVA this afternoon (24 October) following the appointment of Deloitte in September to oversee a restructuring of the business. In an announcement, Famous Brands, the South African restaurant chain’s owners said: “The CVA process has the objective to ensure financial viability and…

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GBK apologises for ‘curry war’ advert

GBK has apologised after an advert saw the company attempting to start a “curry war” outside of Indian restaurants. In the advert GBK workers were seen standing outside the Indian restaurants claiming they did not serve “proper curry” and shouting phrases such as “authentic my arse”. The advert aimed to…

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GBK ‘appoints restructuring advisors’ prompting CVA suspicions

Burger chain Gourmet Burger Kitchen (GBK) has reported appointed restructuring advisors Deloitte leading to suspicions that the company could be set to enter a company voluntary arrangement (CVA). According to The Times, Deloitte is seeking rent reductions and site closures for the chain which recently reported a loss of £2.24m…

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