Franco Manca owner appoints advisers for possible sale
The group which owns pizza chain Franco Manca and The Real Greek restaurants has hired advisers to review its strategic options in a possible first move of a sale or restructuring.
Fulham Shore said on Friday it had appointed advisors Alvarez & Marsal, and reports say a sale could be on the table.
The UK’s hospitality sector has been battling high employment costs and a reform to business rates in recent months.
Fulham Shore had previously listed on the London Stock Exchange before it was bought by Japanese restaurant owner Toridoll in 2023.
Restaurant owner ‘struggling’
Recent results had said Fulham Shore was “struggling in the sluggish restaurant market”.
Franco Manca’s most recent accounts show the chain closed two restaurants in the financial year to March 2024, bringing its total number of UK sites to 70.
Turnover increased nine per cent year-on-year, up to £70m from £64.5m the previous year.
Marcel Khan, chief executive of Fulham Shore, said: “While sales performance across Franco Manca and The Real Greek remains relatively robust, the current macroeconomic environment continues to place pressure on parts of the casual dining sector.
“Against this backdrop, Fulham Shore has appointed Alvarez & Marsal to undertake a thorough review of strategic options to ensure both brands are on the strongest possible footing to realise their long-term potential.
“There is no fixed timetable for this review, and no certainty that it will result in any particular outcome.
“Any decisions will be taken carefully, with a clear focus on long-term value creation and sustainability.”