the g spot
Famous Brands: lessons from the R2.3bn Gourmet Burger Kitchen flop
29 October 2020 - 05:00
Famous Brands has had about as bad a time of it as you might imagine a restaurant operator would during a pandemic, on top of a prolonged recession, with a generous dose of Brexit mixed in. Interim results out this week showed an operating loss of R110m, on a 48% slump in revenue across such brands as Steers and Wimpy as well as its supply chain business. Shares in the former market sweetheart are down 73% from their October 2016 peak of R166. And they’re unlikely to climb back anytime soon. We spoke to CEO Darren Hele.
How have your franchisees weathered this year?..
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