Franco Manca owner The Fulham Shore in talks over restaurant expansion
Franco Manca owner The Fulham Shore said it is in negotiations for many sites across the UK as it gets ready to restart its expansion plans as soon as lockdown restrictions are lifted.
The firm has been able to secure discounts on new sites, with the coronavirus pandemic enabling it to acquire new restaurants at reduced rents and lower capital costs per site.
It said it has plans to open a new pizza restaurant in Glasgow in the summer, and it is in negotiations to secure two more branches over the next few weeks – one for Franco Manca and one for The Real Greek.
Those restaurants will also be ready to start trading this summer.
In an update this morning The Fulham Shore said revenues have reached around 46 per cent of normal trading levels during the latest lockdown.
It is in talks with HSBC to extend its £14.75m revolving credit facility, which matures in March next year.
The Fulham Shore has fully drawn down the £10.75m loan provided under the government’s coronavirus scheme.
Meanwhile, net debt before lease liabilities was £5.7m, down from £9.5m in March last year.