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LEGAL | Staff Reporter, UK

GBK Owner Announces Impairment Charges Against Restaurant Chain

Shares fell after Famous Brands warned it would make impairments of between R241m and R322m in its financial results for the year.

Famous Brands said the impairments would include between R59m and R78m write-offs on property, plant and equipment at its UK-based Gourmet Burger Kitchen. Earnings per share for the period are expected to decline by more than 20% compared with the previous corresponding period. The retailer said it also made provision for property-related expenses for Gourmet Burger Kitchen of between R37m and R49m.

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