the g spot
Famous Brands CEO: We’re not bulletproof
We’re clear in what our core is. I think there will be opportunities, and sometimes timing is everything. You can’t force an acquisition strategy
Famous Brands’s stock market peak of R172.80 remains a distant memory. Stuck at its present level of R79 on the JSE, the owner of Steers and UK chain Gourmet Burger Kitchen (GBK) — bought in a vastly overpriced offshore growth attempt — is still struggling with lacklustre trade at home, and interim results out this week showed flat revenues and profit. We asked CEO Darren Hele whether Famous Brands will simply tread water for the foreseeable future.
Obviously, it’s not going to be as easy as it used to be if you’ve got no economic tailwinds, so the only way is to grow market share. In a declining economy that’s not always easy to do, but maybe the market also finds it harder, so you’re taking a bigger share of a declining pot.