Ailing restaurant chain Gourmet Burger Kitchen (GBK) is poised to press ahead with an insolvency process to close outlets and cut rents.
GBK, which is owned by South Africa’s Famous Brands, had appointed restructuring advisers from Deloitte to thrash out deals with landlords.
It is understood that it is now close to launching a formal company voluntary arrangement (CVA) process, where landlords are required to agree a rent reduction or face having the keys handed back on loss-making sites.
The property consultant CBRE is also advising.
