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.

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