Gourmet Burger Kitchen ‘optimistic' for future following CVA

14 March 2019 by
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>>

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