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RNS Number : 6357W
Fulham Shore PLC (The)
20 August 2020
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 ("MAR").
20 August 2020
The Fulham Shore PLC
("Fulham Shore", the "Company" or the "Group")
Completion of fundraise and banking facilities and trading
update
The Board of Fulham Shore ("Board") is pleased to announce the
completion of the equity fundraise to raise GBP2.25 million (the
"Fundraise") and admission of the 36,000,000 new ordinary shares in
the Company issued pursuant to the Fundraise to trading on AIM
earlier today ("Admission"). In addition, as a result of the
Directors' participation in the Fundraise, the Company's new
GBP25.75 million bank facilities have become unconditional in all
respects. Further details on the Fundraise and the new bank
facilities are set out in the Company's announcements on 6 August
2020.
Trading update
The UK Government's 'Eat Out to Help Out' scheme has proved to
be beneficial both for UK diners and Fulham Shore. Trade in the
first full fortnight in August was markedly up on the same period
in the previous year, with the Group achieving one of its highest
weekly turnover figures in the second week of 'Eat Out to Help
Out', despite some of its restaurants still remaining closed.
Almost all of the Group's employees are back off furlough and
the Company is recruiting and training more restaurant staff at all
levels.
Since 6 August 2020, the Company has re-opened two more The Real
Greek restaurants and is planning to reopen another Franco Manca
next week, next to the new Harrods store in Westfield London. This
will take the Group restaurant numbers that have re-opened for
trading up to 50 (out of 51) Franco Manca and 16 (out of 18) The
Real Greek. This will leave the Company with three unopened sites
in the City and West End of London, which will re-open when office
tenants and theatregoers return. The Company also remains on track
to open a new Franco Manca on The Cut, near to the Old Vic theatre
and Waterloo Station in London, in mid-September.
After the closure of the restaurants at the start of lockdown in
March, the Company initiated conversations with all of its
landlords regarding a reduction in the sums paid to them under the
various leases. The Group is pleased to report that it has reached
agreement with more than 40% of its landlords to waive, defer
and/or reduce the rent on the properties it leases from them. The
Company remains in discussions over similar arrangements with its
other landlords. The Board is grateful to those landlords who have
engaged with the Company and been supportive of the business in
these difficult times.
Total Voting Rights
Following Admission, the Company now has 609,617,181 ordinary
shares of 1 penny each ("Ordinary Shares") in issue, each with one
voting right. The Company does not hold any shares in treasury and
therefore the total number of voting rights in the Company is
609,617,181. This figure of 609,617,181 should be used by
shareholders as the denominator for the calculations by which they
should determine if they are required to notify their interest in,
or a change to their interest in the Company under the FCA's
Disclosure Guidance and Transparency Rules.
For further information, please contact:
The Fulham Shore PLC www.fulhamshore.com
David Page Via Hudson Sandler
Allenby Capital Limited
Tony Quirke / Jos Pinnington (Sales) Tel: 020 3328 5656
Nick Naylor / Jeremy Porter / James Reeve
(Corporate Finance)
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 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.
Today, Fulham Shore owns and operates "The Real Greek" (
www.therealgreek.com ) and "Franco Manca" ( www.francomanca.co.uk )
restaurants.
The Real Greek
Since its foundation in London in 1999, The Real Greek group has
grown steadily, now offering modern Greek cuisine in 18 restaurants
( 16 of which have so far reopened) across London and Southern
England.
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 51
restaurants (49 of which have so far reopened) , primarily in
London, but also with restaurants across the UK (e.g. Edinburgh,
Manchester, Leeds, Cambridge, Bath, Oxford, Bristol and Exeter).
Franco Manca also has a franchised pizzeria on the island of Salina
in Italy.
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. Pizza
prices start from GBP5.20.
Franco Manca has received the following accolades:
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
Winner of the CGA Peach Hero and Icon Awards Best Concept award
2016
This information is provided by RNS, the news service of the
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END
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