Gourmet Burger Kitchen ‘optimistic' for future following CVA

Gourmet Burger Kitchen's owner has said it is "optimistic" that the remedial actions of its CVA are "gaining momentum".

In a voluntary update related to the year to 28 February 2019, South African-based Famous Brands said the second half of the period had seen sales increase by 1.6%, following a fall of 9.7% in the first half.

Famous Brands said that in the 16 weeks to 24 February 2019, the restaurant brand saw a 4% increase in like-for-like sales.

Gourmet Burger Kitchen's CVA was completed in December, and the period as a whole saw the the closure of 24 sites. The cost of the CVA was approximately £18.3m, including store write down costs of £14.4m, fees, redundancy payments and compensation costs.

Gourmet Burger Kitchen saw pre-tax profits fall by £9.9m before CVA>>