“As far back as 2007 when we acquired the Wimpy business in the UK, the Group is on record as saying that we would use our foray into the UK as a beachhead to expand our presence in the market as and when suitable opportunities presented themselves. Our investment in the Wimpy UK business has given us invaluable understanding of, and insight into, the local market,” says Kevin Hedderwick, Famous Brands’ Group Strategic Advisor responsible for M&A activity.
“More recently we have stated our intent to pursue opportunities which will enhance our existing income stream with hard currency earned outside of Africa; the GBK acquisition achieves that goal, and simultaneously up-weights Famous Brands into a substantially higher league.
“For me personally, concluding this transaction is the pinnacle of a sixteen year executive career during which I have overseen the value of Famous Brands increase from a market capitalisation of R185 million to one close to R15 billion. I am humbled to have had the opportunity to play the role I have, and I look forward to being instrumental in the integration of this brand into the Group’s business. I am confident that the addition of GBK to our portfolio positions the Group optimally to attain its audacious future growth targets.”