Putney Bridge Road branch one of 35 sites to be kept open by new owners
The Putney branch of Gourmet Burger Kitchen (GBK) is on a list of outlets to be kept open by new owners.
The future of the restaurant at 333 Putney Bridge Road looked uncertain after previous owner Famous Brands announced it would no longer be providing funding to the chain and the company went into administration but now it has been announced that Boparan Restaurants have purchased the group.
In the deal drawn up with Deloittes, 35 sites will remain open and 669 jobs will be kept but 26 will close with 362 staff losing their jobs.
Boparan Restaurants also owns Ed’s Easy Diner and Giraffe and its owner Ranjit Boparan started in the chicken processing business
GBK already went through the Company Voluntary Arrangement (CVA) process before it closed for the lockdown on 21 March. Through this they reached an agreement for a reduction in rents and interest payments with landlords and creditors and closed some loss making branches in 2018. The CVA had allowed it to reduce its operating losses significantly.
Gavin Maher, Joint Administrator at Deloitte, said, "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."
Satnam Leihal, the managing director of Boparan Restaurant Group, said, “This latest acquisition is in line with our strategy to grow our restaurant group with quality brands. Whilst it is an extremely challenging time for the sector, we believe quality hospitality businesses will recover in the long term as people return to eating out.”
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October 15, 2020