Famous Brands, owner of Steers, has placed Gourmet Burger Kitchen (GBK) into administration, ending its costly and mistimed foray into the crowded UK casual dining market that has cost it more than R2.1bn.

Famous Brands, which also owns the Mugg & Bean and Wimpy chains, said on Wednesday that administrators have been appointed, and that there could be an “insolvency sale” of business and assets...

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