Franco Manca owner’s revenue soars over 100 per cent with post-lockdown demand
Revenue at Fulham Shore, which owns Franco Manca and The Real Greek, has soared more than 100 per cent in the post-lockdown march back to restaurant dining.
The London-listed hospitality giant mas made an operating profit of £6.7m in the year to 27 March, swinging from a £4.8m loss in 2021.
Fulham Shore has unveiled six new Franco Manca pizzeria’s and four new The Real Greek restaurants since March last year, taking its total restaurant network to 82.
The restaurant operator was forced to open a £10.75m loan facility with the government’s Coronavirus Business Interruption Loan Scheme (CBILS) during lockdown measures in 2020, as well as undergo an equity raise for a further £2.25m.
Amid the pandemic chaos, the company doubled down on expansion, while high street properties plummeted in price.
Executive chairman David Page said today that Fulham Shore has continued on this strategy, “investing in new restaurants across the UK and creating jobs” over the past 12-months.
“Whilst the first quarter of the year has been characterised by increasing pressures on the UK consumer, our restaurants remain crowded with customers seeking a great experience, quality food, and importantly outstanding value,” he said in a statement.
“We will always aim to keep our prices low, driving high customer numbers per site and making for fun, atmospheric restaurants, as well as motivated employees. These key ingredients underpin the board’s confidence in our continued growth.”
Shares were up by more than eight per cent on Thursday afternoon.
The buoyant update comes as hospitality firms have struggled to recoup losses following the pandemic, against a backdrop of elevated costs and weakened consumer demand.