Gourmet Burger Kitchen to close 17 restaurants putting 250 jobs at risk
A 5th of Gourmet Burger Kitchen’s branches are to close after collectors licensed the corporate’s restructuring plan on Friday.
The eating place chain is to close 17 websites as a part of an organization voluntary association (CVA), putting 250 jobs at risk.
GBK stated it might take a look at to redeploy personnel the place imaginable.
“We’d like to thank the landlord community, our trade suppliers and our restaurant teams for their support through a challenging process,” stated managing director Derrian Nadauld.
“With the positive vote on our proposal to restructure our property portfolio, we are now able to execute the final stage of our turnaround plan, which we are confident will position the business for long term sustainable growth”.
At the time of writing, GBK had no longer spoke back to requests for a listing of the affected places.
South Africa’s Famous Brands, which bought GBK in 2016 for £120 million, has in the past unveiled stinging losses at the burger chain.
The company stated in October that it might take a pre-tax impairment fee of 874 million rand (£47.2 million) due to the emblem’s sustained under-performance.
Famous Brands issued a cautionary announcement in August, caution its shareholders that it was once taking a look at choices for its subsidiary.
That cautionary recommendation has now been lifted in mild of the CVA’s approval.
Store closures at GBK constitute the most recent in an extended line of informal eating companies to close restaurants this 12 months.
Gaucho, Carluccio’s, Prezzo, Byron and Jamie’s Italian have all fallen on onerous occasions as prices have rocketed off the again of the Brexit-hit pound, whilst client self assurance has nosedived because the economic system falters.