Gourmet

Ranjit Singh Boparan buys Gourmet Burger Kitchen in rescue deal

Gourmet Burger Kitchen has been bought out of administration by the food industry tycoon Ranjit Singh Boparan in a deal that will save more than 660 jobs.



a sign hanging off the side of a building: Photograph: Maureen McLean/REX/Shutterstock


© Provided by The Guardian
Photograph: Maureen McLean/REX/Shutterstock

Boparan, who bought Carluccio’s in May, has bought 35 of the burger restaurant’s sites. However, under the pre-pack administration deal, 26 other sites will close, with the loss of 362 jobs.

The burger chain, which was owned by the South African company Famous Brands, which also owns Wimpy in the UK, was put on the market as it struggled amid the pandemic and high street lockdown.

But Gourmet Burger Kitchen has been in difficulties since a restructuring deal with landlords in 2018 under which it agreed to close up to 17 sites after the casual dining market became oversaturated.

Gavin Maher, a partner at Deloitte who was appointed joint administrator on Wednesday, said: “The broader challenges facing ‘bricks and mortar’ operators, combined with the effect of the lockdown, resulted in a deterioration in financial performance and a material funding requirement.

“We have been working closely with the management team under very difficult market conditions to try and find a funding solution, and I am glad to be able to announce the rescue of this well-loved brand together with a large proportion of the sites and workforce. However, it’s clearly disappointing that a number of sites have had to close resulting in today’s redundancies.”



a sign hanging off the side of a building: A Gourmet Burger Kitchen restaurant in Bracknell.


© Photograph: Maureen McLean/REX/Shutterstock
A Gourmet Burger Kitchen restaurant in Bracknell.

Labelled the “chicken king” as he is the co-owner and founder of 2 Sisters Food Group, which supplies about a third of the chicken on UK supermarket shelves, Boparan’s business interests includes turkey producer Bernard Matthews, the upmarket London restaurant The Cinnamon Club restaurant, as well as the Giraffe and Ed’s

Ranjit Singh Boparan buys Gourmet Burger Kitchen in rescue deal | Business

Gourmet Burger Kitchen has been bought out of administration by the food industry tycoon Ranjit Singh Boparan in a deal that will save more than 660 jobs.

Boparan, who bought Carluccio’s in May, has bought 35 of the burger restaurant’s sites. However, under the pre-pack administration deal, 26 other sites will close, with the loss of 362 jobs.

The burger chain, which was owned by the South African company Famous Brands, which also owns Wimpy in the UK, was put on the market as it struggled amid the pandemic and high street lockdown.

But Gourmet Burger Kitchen has been in difficulties since a restructuring deal with landlords in 2018 under which it agreed to close up to 17 sites after the casual dining market became oversaturated.

Gavin Maher, a partner at Deloitte who was appointed joint administrator on Wednesday, said: “The broader challenges facing ‘bricks and mortar’ operators, combined with the effect of the lockdown, resulted in a deterioration in financial performance and a material funding requirement.

“We have been working closely with the management team under very difficult market conditions to try and find a funding solution, and I am glad to be able to announce the rescue of this well-loved brand together with a large proportion of the sites and workforce. However, it’s clearly disappointing that a number of sites have had to close resulting in today’s redundancies.”

Labelled the “chicken king” as he is the co-owner and founder of 2 Sisters Food Group, which supplies about a third of the chicken on UK supermarket shelves, Boparan’s business interests includes turkey producer Bernard Matthews, the upmarket London restaurant The Cinnamon Club restaurant, as well as the Giraffe and Ed’s Easy Diner chains.

Satnam Leihal, the managing director of Boparan Restaurant Group, said: “This latest acquisition is in line

Gourmet Burger Kitchen rescued by Giraffe owner



a person that is eating some food


© Getty Images


Restaurant chain Gourmet Burger Kitchen has been bought out of administration by Boparan Restaurant Group.

The deal includes 35 sites and 669 jobs. However, 26 restaurants and 362 jobs will be lost.

Boparan owns the Giraffe chain and is owned by Ranjit Boparan, who founded 2 Sisters chicken processing company.

GBK, which has had several owners, was most recently owned by South Africa-based Famous Brands.

It was sold out of administration by accountancy firm Deloitte.

“As with a number of dining businesses, the broader challenges facing ‘bricks and mortar’ operators, combined with the effect of the lockdown, resulted in a deterioration in financial performance and a material funding requirement,” Gavin Maher, Joint Administrator at Deloitte, said.



a store in a brick building


© Getty Images


“We have been working closely with the management team under very difficult market conditions to try and find a funding solution and I am glad to be able to announce the rescue of this well-loved brand together with a large proportion of the sites and workforce.

“However, it’s clearly disappointing that a number of sites have had to close resulting in today’s redundancies.”

The company has been in trouble since November 2018 when it entered a Company Voluntary Arrangement.

Since then, the coronavirus lockdown has hit sales, Deloitte said.

Source Article

Gourmet Burger Kitchen to axe 362 jobs and 26 restaurants despite rescue sale

Gourmet Burger Kitchen (GBK) is to close 26 restaurants and axe 362 roles despite being saved from administration.

The chain has been bought in a rescue deal by Boparan Restaurant Group, which also snapped Carluccio’s out of insolvency earlier in the pandemic.

GBK said it had started to see improvements in trading last year after a major restructuring process in 2018, which saw it shut a raft of sites.

However, the company, which had been owned by South African group Famous Brands, said it slid into administration after the virus impacted upon its liquidity and potential to be sold as a solvent business.

The sale will secure the future of 35 GBK restaurants (Rick Findler/PA)

The group has now been sold in a pre-pack administration deal after working with insolvency specialists at Deloitte.

It said the move will save 35 sites and 669 jobs from its original network of 61 restaurants and 1,031 employees.

Gavin Maher, joint administrator at Deloitte, said: “As with a number of dining businesses, the broader challenges facing ‘bricks and mortar’ operators, combined with the effect of the lockdown, resulted in a deterioration in financial performance and a material funding requirement.

“We have been working closely with the management team under very difficult market conditions to try and find a funding solution and I am glad to be able to announce the rescue of this well-loved brand together with a large proportion of the sites and workforce.

“However, it’s clearly disappointing that a number of sites have had to close resulting in today’s redundancies.

“We would like to thank all of those involved in the transaction, including our legal advisers, DLA Piper, and wish the management team, workforce and the new owners, Boparan Restaurant Group, every success in now taking the business forward.”

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