Shareholders are referred to the Trading Statement for the six months ended 31 August 2020 and Renewal of Cautionary Announcement published on SENS on 25 September 2020, in which it was advised that following the Group’s decision to not provide any further financial assistance to GBK, the Board of GBK was deliberating with its appointed UK advisors on the options available to the GBK businesses.
The Board of Directors of Famous Brands (“Board”) is now in a position to advise shareholders that it has received notice that GBK has entered into administration in accordance with the insolvency legislation in the UK. Administrators have accordingly been appointed and have assumed control of GBK and its UK subsidiaries, including Gourmet Burger Kitchen Limited, (“GBK Group”) and will discharge their duties to act in the best interests of creditors of these companies to achieve the purpose of the administration as required by UK legislation. This may include an insolvent sale of the business and assets.
Accordingly, the Cautionary Announcement of 25 September 2020 has been withdrawn with immediate effect, and caution is no longer required to be exercised by shareholders when dealing in the securities of the Group.
The financial information on which this announcement is based has not been reviewed or reported on by the Group’s external auditors.
14 October 2020
The Standard Bank of South Africa Limited