By M&C Report team2010-08-31T17:00:00+01:00
Boparan Restaurant Group has acquired the Gourmet Burger Kitchen burger brand and 35 trading sites in a pre-pack administration.
Gourmet Burger Kitchen system-wide like-for-like sales fell 66.2% for the six months to 27 August 2020, parent company Famous Brands has reported.
Gourmet Burger Kitchen parent company Famous Brands has initiated a sales process for the chain. Last month, the South Africa-based group said it was continuing to explore “all options” to ensure the long-term sustainability of the brand in light of the coronavirus crisis, but has since decided to let go of the business.
NewRiver CEO Allan Lockhart has said the business has proved to be “resilient” during a period of “unprecedented disruption”. Announcing its half year results, he said the business had seen a “significant increase in leasing activity, with over half a million square feet of transactions completed, which has led to occupancy in our retail portfolio increasing to more than 96% during the period. This reflects both our affordable rents and focus on essential and convenience retail.
Less than 10% of operators are “very confident” they will reopen on 3 December, according to the latest Hospitality Leaders Poll carried out by Lumina Intelligence for MCA, the Morning Advertiser and Big Hospitality. A further 15% were “not sure at all”, though 33% are “fairly sure” they will reopen once the restrictions are lifted. Meanwhile the industry is split over the future, with 32% thinking they will go bust if existing lockdown measures continue into Spring. While 38% are unsure, just 30% are confident they will survive as a business should things continue as they currently are.
This session was hosted by MCA Deputy Editor Finn Scott-Delany, who was pleased to welcome back Kate Nicholls UKH CEO and Hugh Osmond, Director of Various Eateries. Hugh Osmond was the original founder of Punch Taverns and took Pizza Express public in 1993. The entrepreneur acquired Strada in 2014 via his Sun Capital Partners vehicle, and founded upmarket all-day brand Coppa Club. Hugh has forthright views on the lockdown measures, using a recent Daily Mail opinion piece to warn government, after it announced a second national lockdown, that Christmas is already over in the hospitality sector, and that many hospitality venues will never reopen.
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