For well over a decade Famous Brands has done its shareholders proud — and it will probably do so again in future — but right now, it is a share to approach with care.

Caution is called for when any company announces it has "transformed" what has been a hugely successful business model. In October last year Famous Brands did just that when it closed a £120m deal that brought on board UK premium burger group Gourmet Burger Kitchen (GBK) as the 28th brand in its line-up.

BL Premium

This article is reserved for our subscribers.

We have several subscription options to help you enjoy the best of our content every day, including exclusive Financial Times articles, Morningstar financial data and full digital access to The Wall Street Journal.

Already subscribed? Simply sign in below.

Questions or problems? Email or call 0860 52 52 00.