Gourmet Burger Kitchen’s South African owner has laid bare details of the chain’s sales crash after writing off half its investment in the company.
Famous Brands revealed GBK’s sales fell 7% in 2018, and tumbled 4.2% on a like-for-like basis, the second straight year of dwindling comparable sales. The chain swung sharply into the red on an operating basis, posting a £2.7m loss before exceptional items, compared with a £3.2m profit in 2017.
GBK entered into a company voluntary arrangement (CVA) in December in a bid to shut poorly performing sites and reduce rents. Some 17 GBK restaurants were closed.
