rescue

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 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.”

It is

West Hartford police officer recounts rescue of elderly woman caught in burning house

“When you’re on the way, you’re already thinking about what to do — where to park so you don’t block a hydrant” or get in the way of arriving fire trucks, Godoy said. He ran across the lawn and found a 26-year-old man saying his grandmother was still inside. She was severely disoriented and didn’t realize what was happening, he said.

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White House urges small business rescue plan

The White House on Sunday changed tactics yet again on boosting the pandemic-hit US economy, this time urging lawmakers to back a plan to help small businesses weeks ahead of the presidential election.

The change comes after President Donald Trump’s Republican Party and Democrats both rejected, for different reasons, a beefed-up $1.8 trillion economic rescue plan proposed Friday.

In a letter Sunday to Congress, White House chief of staff Mark Meadows and Treasury Secretary Steven Mnuchin urged backing for a bill allowing some $130 billion in unused funds from a previous support plan to be redirected.

The money would be earmarked for businesses, particularly small and medium-sized companies, that are facing declining revenues while negotiations for more support drag on.

“Now is the time for us to come together and immediately vote on a bill to allow us to spend the unused Paycheck Protection Program funds while we continue to work toward a comprehensive package,” the letter said.

– Not enough –

It is unlikely that Democrats will accept the request with about three weeks left until the November 3 election and as Trump trails challenger Joe Biden badly in opinion polls. 

House Speaker Nancy Pelosi, who is negotiating with the administration, has already rejected any idea of targeted measures, saying she wants broad economic support that she believes will boost activity.

The White House’s new strategy comes after a week in which Trump and his team had already switched tactics, jumping between cutting off talks, returning to the negotiating table and targeted measures — but without much success.

Markets tanked on Tuesday following Trump’s abrupt move to end stimulus talks, but he made an about-face in subsequent days that saw him calling for a deal.

The White House on Friday beefed up its offer, proposing a $1.8 trillion package