Latest Biz News: Famous Brands’ UK outlet insolvent, Cartrack dividend up 335% + More

Famous Brands’ UK outlet insolvent – but it could still be bought

Famous Brands, the owner of Steers and Wimpy, says its struggling UK operation Gourmet Burger Kitchen (GBK) has entered into administration. Administrators have been appointed, and may consider an “insolvent sale” of the business.

Earlier on Wednesday, Sky News reported that Ranjit Singh Boparan, a British fast-food tycoon known as the “Chicken King”, was planning to buy the business once it was in administration.

Famous Brands bought GBK in 2016 to reduce its dependence on South Africa, but announced recently that it will cut funding to the struggling food operation due to a deterioration in sales caused by the coronavirus pandemic. 

Cartrack dividend up 335%

The vehicle tracking company Cartrack, which has operations in SA, Europe and South East Asia, reported a 21% increase in its headline profit for the six months to end-August.

Its half-year dividend per share jumped 335% to 87c. Its subscribers increased by 13% to almost 1.2 million.

Its share price jumped more than 7% on Wednesday.

Coronation profit increased by more than 10%

In a trading statement, fund manager Coronation said its headline profit for the year to end-September will be between 10% to 20% higher. Coronation’s total assets under management at end-September was R569 billion.

The company also appointed three new directors: Neil Brown (co-founder of Electus Fund Managers), former Eskom CEO Phakamani Hadebe and Saks Ntombela, group CEO of Hollard Insurance. 

Business Insider SA

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