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Famous Brands plans UK drive to diversify from rand

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Former CEO of Famous Brands Kevin Hedderwick (Supplied)
Former CEO of Famous Brands Kevin Hedderwick (Supplied)

Johannesburg - Famous Brands [JSE:FBR] is planning further UK expansion as the South African owner of fast-food chains including Debonairs Pizza and Steers seeks faster growth in the country and increased revenue from currencies other than the rand.

"I have spent a lot of time going back and forth looking for a suitable asset so we can get some momentum in the UK," strategic adviser and former CEO Kevin Hedderwick said in phone interview on Monday.
 
The Johannesburg-based restaurant owner has just completed its best-ever year in the UK, yet the business is still "pedestrian" by company standards, he said.

Revenue in the UK gained 13% to R116m in the year to end February, yet fell by 2% in pounds, Famous Brands said in an earlier statement. Total sales were up 31% to R4.3bn, while operating profit gained 18%.

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