Grand Parade Investments issued a trading statement on Monday afternoon confirming a fall in profits as a result of a national lockdown that saw all its operational businesses shut down for 30 days.

The Cape Town based company said all its other businesses – with the exception of Burger King South Africa – remained shut for the entire fourth quarter. BKSA was allowed to operate through home delivery only during the month of May, with all other service modes resuming from the beginning of June.

The group’s gaming businesses resumed operations in July under restrictive operational controls put in place to safeguard its staff and customers against the pandemic. These controls have since been relaxed in accordance with the national lockdown level imposed by national government.

Grand Parade Investments confirmed it will continue with the sale of BKSA, Grand Foods Meat Plant and their Kuilsriver based property – 33 Heerengracht Close – for a combined fee of R683 million.

Basic loss per share is expected to rise more than 300% from the previous year, from 8.48 cents to between 27.52 and 29.22 cents while headline loss per share will increase to the range of 13.18 to 14.96 cents, up from 8.91 cents in FY19.

The group has confirmed it has been engaging all primary lenders to renegotiate credit terms to avoid covenant breaches as well as rental holidays from landlords.

Grand Parade Investments Limited final results are expected to be published on the 23rd of September 2020

Continue reading “Sale of Burger King South Africa chain to continue as Grand Parade Investments looks to accelerate its asset disposals program.” →