Further cautionary announcement
Famous Brands Limited
(Incorporated in the Republic of South Africa)
(Registration number: 1969/004875/06)
JSE share code: FBR ISIN: ZAE000053328
(“Famous Brands” or “the Group” or “the Company”)
Renewal of Cautionary Announcement
Shareholders are referred to the Renewal of Cautionary Announcement
(“Announcement”) published on the JSE Stock Exchange News Service
(“SENS”) on 1 July 2020 relating to the Board of Directors’ (“Board”)
decision to not provide any further financial assistance to GBK
Restaurants Limited (“GBK”).
In light of the Board’s decision, the Board of GBK is reviewing the
options available to the business, and while deliberations in respect
of this matter are still underway, the Board wishes to apprise
shareholders as follows:
• Continuing to curb the spread of the COVID-19 virus remains our
priority and stringent operating protocols are in place across
the business to ensure the safety of our staff and customers.
These disciplines have enabled the business to deliver
responsible, safe, uninterrupted service to our customers.
• Of the 62 GBK stores in the UK, 37 are open and offering full
service (being delivery, collect and dine-in). The balance of
the 25 stores remain closed.
• Of the five stores in Ireland, one is open for full service, the
other four remain closed.
• Under the current prescribed trading restrictions, management is
pleased to report that our customers have responded positively
to the reopening of our restaurants within the Government
guidelines, and the Board of GBK is satisfied with the
operational performance of the stores which are currently
• In the voluntary market update issued on SENS on 24 July 2020,
management noted that 27 GBK restaurants in the UK were open for
delivery and collect in July, of which nine were trialling the
viability of seated dining. On this basis, it was forecast that
for the month of July, under trading restrictions in effect at
that time, GBK would generate 49% of the revenue earned in the
prior comparable period, being July 2019. It is pleasing to
report that this was accomplished; this creditable performance
is a tribute to the resilience and resourcefulness of our teams.
• The business remains singularly focused on navigating its
recovery from the impact of the COVID-19 pandemic on the economy
and the industry. This includes flexing the model to capitalise
on opportunities to gain market share, and leveraging GBK’s
equity as the leading burger brand in the UK’s premium burger
• The Board of GBK will continue to explore all options to ensure
the long-term sustainability of the business in the wake of the
severe impact of continued trading restrictions and the slow
phased restart of the economy.
Shareholders are advised to continue exercising caution when dealing
in the Company’s securities until a further announcement is made in
The financial information on which this announcement is based has not
been reviewed or reported on by the Group’s external auditors.
13 August 2020
The Standard Bank of South Africa Limited
Date: 13-08-2020 08:00:00
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