TIDMFUL
RNS Number : 0733O
Fulham Shore PLC (The)
08 June 2022
8 June 2022
The Fulham Shore PLC
("Fulham Shore", the "Company" or the "Group")
Trading Update and Notice of Final Results
The Board of The Fulham Shore PLC is pleased to provide an
update on trading for the first two months of its financial year
ending 26 March 2023.
In addition, the Company announces that its annual results for
the year ended 27 March 2022 will be released on 21 July 2022.
Trading Update
The Group has continued to trade well and in line with
management expectations during April and May 2022. We are now
serving over 100,000 customers per week in Franco Manca and over
40,000 customers per week in The Real Greek, reflecting the
popularity of the two businesses as well as their reputation for
quality and value.
Tourists seem to have returned to London's West End and many
cities around the UK. The small number of Franco Manca and The Real
Greek restaurants that are located in areas with a high proportion
of offices still have a way to go to return to pre-pandemic levels
but are showing continued improvement.
Industry-wide cost pressures have been mitigated by some menu
inflation, successful negotiations on rent reviews and by the
strong trading across the Group's restaurants located in suburban
areas and shopping centres.
New restaurant growth
The Group grew by 10 new restaurants in the financial year ended
27 March 2022 and has opened three more since the year end: The
Real Greek in Newcastle and two Franco Manca pizzeria in Canterbury
and Kingston upon Thames.
Eight further Franco Manca are being fitted out throughout the
UK including in Peterborough, The Trafford Centre Manchester, Hove,
Didsbury, Stockbridge Edinburgh, Windsor and King Street in Central
Manchester.
The Group has exchanged contracts on a site in Lincoln for
Franco Manca and a site for The Real Greek in Gloucester Quays.
Overall, 11 new restaurants are on track to open in the first
half of this financial year to March 2023 with two further
locations already contracted. This will go some way to reach our
total target of 18 sites for the whole year.
Cash and bank facilities
The Company's net cash position before lease liabilities
recognised under IFRS 16 as at 6 June 2022 was GBP3.6m. The Group
has undrawn bank facilities of GBP15.9m, providing substantial
financial headroom of over GBP19m.
Outlook
Trading has rebounded positively from the various Covid-19
interruptions and new openings in both of the businesses are
performing strongly.
Our customer numbers continue to grow and we have an expansion
programme targeting prime new locations benefitting from
historically low rental levels, the likes of which have not been
seen for many years.
David Page, Executive Chairman, commented: "We are pleased to
report good trading during the first two months of the current
financial year. This performance continues to be underpinned by the
outstanding reputations for great value and high quality food
enjoyed by both our restaurant businesses.
"Our new restaurant openings across the UK continue to trade
very well, and we have an exciting pipeline of new sites for the
remainder of the financial year. We continue to be very optimistic
about the significant growth opportunities for new Franco Manca and
Real Greek restaurants over the coming years."
For further information, please contact:
The Fulham Shore PLC www.fulhamshore.com
David Page / Nick Wong Via Hudson Sandler
Singer Capital Markets (Nominated Adviser
& Broker)
Shaun Dobson / James Moat / Kailey Aliyar +44 (0) 20 7496 3000
Hudson Sandler - Financial PR fulhamshore@hudsonsandler.com
Alex Brennan / Lucy Wollam Telephone: 020 7796 4133
Notes for editors
Information on The Fulham Shore PLC
Fulham Shore owns and operates "The Real Greek" ( www.therealgreek.com ) and "Franco Manca" (
www.francomanca.co.uk ) restaurants.
Fulham Shore was incorporated in March 2012. The Directors
believed that there were attractive investment opportunities within
the restaurant sector in the UK and that, given their collective
experience in the restaurant sector, they could take advantage of
the opportunities which existed.
The ordinary shares of the Company were admitted to trading on
AIM in October 2014 in order to capitalise on such opportunities
and to give the company employees, customers and public the ability
to share in the enterprise.
The Real Greek
Since its foundation in London in 1999, The Real Greek group has
grown steadily, now offering modern Greek cuisine in 23 restaurants
primarily in London and Southern England but with restaurants
across the UK (e.g. Manchester, Newcastle and Norwich).
The Real Greek food centres on the delicious, healthy diet of
the Eastern Mediterranean, staying true to the Greek ethos of food,
family and friends. Dishes are created using premium ingredients
sourced from Greece and Cyprus whenever possible, and developed by
Tonia Buxton, the face of Greek food in the UK.
The Real Greek's menu and atmosphere retain the spirit of eating
in Greece, encouraging diners to take their time eating amongst
friends and family, be it a relaxed dinner, family get-together, or
a fully catered party.
Franco Manca
Franco Manca opened its first restaurant in 2008 and now has 61
restaurants, primarily in London, but also with restaurants across
the UK (e.g. Edinburgh, Glasgow, Manchester, Leeds, Cambridge,
Bath, Oxford, Bristol and Exeter).
Franco Manca's pizza is made from slow-rising sourdough and is
baked in an oven that produces high heat. The slow levitation and
blast cooking process lock in the flour's natural aroma and
moisture, giving a soft and easily digestible crust. Where
possible, locally sourced and organic ingredients are used.
Franco Manca has received the following accolades:
Winner of Peach 20/20's Consumer Choice Award at the 2021 Hero
& Icon Awards
Winner of the Casual Dining Best Family Dining Experience Award
2020
Winner of the R200 Best Value Restaurant Operator- Over 20 Sites
Award 2019 and 2017
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