Gourmet Burger Kitchen has been bought by South Africa’s Famous Brands for £120 million. The deal paves the way for an ambitious expansion plan outlined by Famous Brands to double the casual dining chain’s estate over the next five years including possible expansion into South Africa.
GBK was founded in Battersea in 2001 and now has over 75 outlets in the UK, Ireland, Greece, Dubai and Oman. It was bought by Yellowwoods, the owner of Nando’s for £30 million in 2010. It has been confirmed that the chain’s staff and management would not be impacted by the sale.
Kevin Hedderwick, the executive at Famous Brands behind the deal, said: “We’ve been looking to expand our presence in the UK market for some time, and the acquisition of GBK was the perfect opportunity for us to do this. Not only will this enhance our existing income stream with currency earned outside of Africa, it simultaneously up-weighs Famous Brand to a higher league.
“Furthermore, there is opportunity to export the brand to South Africa, which would afford Famous Brands representation in the premium burger Fast Casual dining category where we do not currently compete.”
He added: “We are confident that the existing business model has the potential to double GBK’s footprint within the next five years, and I am confident that the addition of GBK to our portfolio positions the group optimally to attain its future growth targets.”
