Time for Burger King SA franchise holder to fix relationship with unhappy shareholders
Things could actually be improving for Grand Parade Investments
Cape-based empowerment group Grand Parade Investments (GPI) has been through a horrid few years. It recently appointed its fourth CEO in three years, it got into a public spat with some of its shareholders, and its food division has incurred staggering losses. Even so, things could actually be improving. The closure of its cash-draining Dunkin’ and Baskin-Robbins outlets would free it of brands that have cumulatively incurred R96m in losses in SA since 2016. The appointment of former SABMiller executive Mark Bowman and former Spur financial director Ronel van Dijk to its board (after considerable shareholder pressure) provides it with much-needed skills in the food and beverage markets. GPI also made some progress in turning around the performance of its Burger King fast-food franchise operation. It is planning to shut down underperforming outlets and has learnt from its initial mistakes, which resulted in all the stores it opened over the 18 months operating profitably. GPI still h...