Famous Brands (Steers, Debonairs, Wimpy, etc.) burned in UK, reports huge loss

If I had to take another transaction in the UK to shareholders, I think they’d lynch me!

Darren Hele, Famous Brands

You can get cage-free eggs, but it’s such a small part of the market… it’s not easy to just change it… We source about 50 million eggs per year…

Darren Hele, Famous Brands

Famous Brands on Monday reported a loss of R544 million for the six months to 31 August 2018.

The food franchisor – Africa’s largest – was burned by an R874 million write-down of its United Kingdom chain Gourmet Burger Kitchen.

Revenues increased by 5.4% to R3.6 billion.

Famous Brands owns 25 restaurant brands - including Debonairs Pizza, Wimpy, Steers, Mugg & Bean, etc. - representing 2784 restaurants across the Continent, the Middle East and the UK.

The Money Show’s Bruce Whitfield interviewed Darren Hele, CEO at Famous Brands.

Listen to the interview in the audio below (and scroll down for more quotes from it).

The environment in the UK has changed so much… If the creditors agree, we’ll be able to exit the leases…

Darren Hele, Famous Brands

For 10 years… it [Wimpy in the UK] never cost us anything…

Darren Hele, Famous Brands

We’re not worried about growth opportunities…

Darren Hele, Famous Brands

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This article first appeared on 702 : Famous Brands (Steers, Debonairs, Wimpy, etc.) burned in UK, reports huge loss


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