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Restructuring experts reportedly appointed to Gourmet Burger Kitchen

03 September 2018 by
Restructuring experts reportedly appointed to Gourmet Burger Kitchen

Restructuring expert Deloitte is believed to have been appointed by Gourmet Burger Kitchen amid rumours a Company Voluntary Arrangement (CVA) could be on the cards for the burger chain.

The Times reports that Deloitte will look to secure site closures and rent cuts for the struggling brand, owned by parent company Famous Brands.

The reports come after Famous Brands released a cautionary announcement on 17 August, which did not refer directly to the brand but read: "Famous Brands is giving consideration to strategic options relating to a subsidiary that may have a material impact on the price of the company's share price.

"Shareholders are requested to exercise caution when dealing in the company's shares."

Deloitte has declined to comment on the speculation.

A voluntary performance update issued by the parent company showed the Gourmet Burger Kitchen had recorded an operating loss of £2.24m in the 22 weeks ending 29 July 2018.

Like-for-like sales for the burger chain were down 10.6%.

A number of casual dining brands have already pursued a CVA this year including Jamie's Italian, Prezzo, Carluccio's and Byron.

Gourmet Burger Kitchen records 22-week loss of £2.24m>>

Gourmet Burger Kitchen closes one site, with five more under threat>>

Gourmet Burger Kitchen reports operating losses of £7.8m>>

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