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RNS Number : 3945G
Fulham Shore PLC (The)
25 November 2020
25 November 2020
The Fulham Shore plc
("Fulham Shore", the "Company" or the "Group")
AGM statement and Trading Update
Fulham Shore is pleased to provide the following update ahead of
its Annual General Meeting today at 9.00am.
Current trading
In the first eight months of the current financial year between
April and November 2020, weekly Group revenues have increased and
fallen, mirroring the trading restrictions on restaurants that have
been set out by the UK Government.
Whilst comparisons with the previous year may be of interest,
they are not particularly relevant given the unprecedented trading
conditions caused by the onset of COVID-19. Sales in August 2020
were ahead of last year, driven primarily by the Government's Eat
Out To Help Out scheme, but during the months when full lockdown or
other restrictions on dine-in hospitality have been in place, sales
have been behind the comparable period last year.
The Group incurred a loss for the first quarter of the current
financial year to March 2021, when our restaurants were almost
entirely closed, but during the second quarter, as the Company was
allowed to reopen its restaurants to dine-in customers, we expect
to generate Headline EBITDA to cover much of the lost contribution
from the first quarter. It is not possible to predict the outlook
for the rest of the year given the ongoing uncertainty over the
nature and length of further restrictions that the Government may
impose.
Currently 1 Franco Manca is open in Edinburgh but trading with
restricted hours, 60 restaurants are open for delivery and take
away only and 9 restaurants are temporarily closed, awaiting the
easing of Government restrictions which will enable them to
reopen.
We will continue to respond and adapt to changes to the
restrictions as they are implemented by the Government.
The Company's half year results to 27 September 2020 are
expected to be announced in mid-December 2020.
Opening programme
We opened one new Franco Manca restaurant in September 2020 at
The Cut, Waterloo. Despite lower than usual footfall in London, the
new restaurant traded well until the latest lockdown.
We are building another pizzeria, our 53(rd) Franco Manca, in
Borough Market near Southwark Cathedral. We are also constructing
our 19(th) The Real Greek in Bracknell. Both of these sites will
open when Government restrictions are eased.
These openings will take Fulham Shore's restaurant portfolio to
72 restaurants in the UK, as well as our summer Franco Manca
franchise in Italy.
We see more properties coming to the market at ever lower rents
as a result of the current conditions in the property, retail and
dining out sectors. We expect this trend to continue, and will
continue to take advantage of this as and when appropriate.
For further information please contact:
The Fulham Shore plc www.fulhamshore.com
David Page Via Hudson Sandler
Allenby Capital Limited
Nick Naylor / James Reeve / Jeremy Tel: 0203 328 5656
Porter (Corporate Finance)
Tony Quirke / Jos Pinnington (Sales)
Hudson Sandler - Financial PR fulhamshore@hudsonsandler.com
Alex Brennan / Lucy Wollam Tel: 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
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 52
restaurants , 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
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