Famous Brands warns of hefty loss on Gourmet Burger Kitchen writedown
The group has reported a severe hit due to Covid-19, while it has now fully impaired the struggling UK burger chain
25 September 2020 - 11:56
UPDATED 27 September 2020 - 20:04
Famous Brands, the owner of Steers, Wimpy and Debonairs Pizza, has fully impaired its investment at a group level of its UK company Gourmet Burger Kitchen (GBK), joining the ranks of many SA companies who have lost billions abroad.
The group on Friday warned investors it expects a headline loss per share of 216c-264c in its six months to end-August, from headline earnings of 159c in August 2019, due to the impairment and global lockdowns that reduced sales at some of its restaurant divisions more than two-thirds...
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