(Ecofin Agency) - In a statement published on September 1, South African restaurant chain Famous Brands revealed it has bought the British fast-food chain Gourmet Burger Kitchen for R2.1 billion ($143.3 million).

Famous Brands which also owns the Debonnairs Pizza and Steers Burger brands, started negotiations with Gourmet Burger Kitchen earlier this year and was able to save R700 million on the deal due to pound’s slump subsequent to Brexit – UK’s decision to leave the European Union - while Rand (South Africa’s currency) strengthened after relatively peaceful local elections. “Brexit has had some upside for us,” famous Brands group adviser for merger and acquisitions, Kevin Hedderwick, said.

The South Africa fast-food group said it planned to double the number of GBK restaurants in the next five years and introduce the British brand in Ireland and South Africa.

Over the past years, Famous Brands has opened many restaurants in other sub-Saharan nations to preserve its margins amid economic slowdown in its local market where consumer spending fell significantly due to inflation’s hike and unemployment rate exceeding 25%.