Watch this space: Famous Brands plans to export Gourmet Burger Kitchen to South Africa in the near future.
South African company Famous Brands has struck a £120m deal with the owner of Nandos to buy Gourmet Burger Kitchen’s chain of restaurants in the UK.
The upmarket burger chain currently has 75 restaurants in Britain. In the next five years, Famous Brands plans to double GBK’s estate by continuing to open 10 to 15 new sites in the UK and expanding the upmarket burger chain into South Africa.
In buying GBK, Famous Brands, a Johannesburg-listed company, saved approximately £36m (R700m).
The executive at Famous Brands, Kevin Hedderwick, said this is owing to the pound’s decrease in value since the European Union referendum in June.
“Brexit has had some upside for us,” Hedderwick told Reuters.
Famous Brands bought GBK from Yellowwoods, an investment firm controlled by the South African Enthoven family which own Nandos, Spier and Hollard Insurance Company Ltd.
The Nandos owner bought GBK for £30m in 2010.
Famous Brands also owns dining chain Wimpy UK, and fast food restaurants Steers and Debonairs.
GBK was launched 15 years ago by three New Zealanders in Battersea, South London and now has restaurants across the UK, Ireland, and one each in Greece, Oman and Dubai.