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Morning Briefing for pub, restaurant and food wervice operators

Thu 17th Dec 2015 - Real Greek and Franco Manca operator reports turnover rise
Fulham Shore reports turnover rise: Real Greek and Franco Manca operator Fulham Shore has reported turnover for the six months ended 27 September 2015 rose to £13.9m, compared to £5.5m the year before. The company reported headline profit for the period of £1.7m (2014: £0.9m). Operating profit fell to £230,000 from £766,000 the previous year. Chairman David Page said: “The results reflect a full six months trading from The Real Greek and the Franco Manca restaurant in Tottenham Court Road in London which was run under a franchise agreement and five months trading reflecting the post-acquisition results of Franco Manca. In the six months ended 27 September 2015, the group opened one The Real Greek restaurant in St Martin’s Lane in London’s West End and three Franco Manca pizzeria in Soho, Ealing, and Covent Garden. This took Fulham Shore’s restaurant portfolio as at 27 September 2015 to 24 restaurants made up of nine The Real Greek and 15 Franco Manca pizzeria. Although the group did not complete the acquisition of Kefi (the holding company of The Real Greek) until after the comparative period end, under the requirements of IFRS, the acquisition was deemed a reverse acquisition and therefore the comparative results for the six months ended 28 September 2014 is that of Kefi and its subsidiaries. Since 27 September 2015, the group has opened further Franco Manca restaurants in Earls Court, Bermondsey and Wimbledon. This takes the total number of restaurants operated today by the group to 27, made up of nine The Real Greek and 18 Franco Manca pizzeria. The group is currently fitting out a further Franco Manca in Stoke Newington, which is scheduled to open in March 2016, and the Bukowski franchise restaurant, which is planned to be opened in the spring of 2016. The board is excited about the future with the prospect of expanding the group’s excellent restaurant businesses. The Real Greek and Franco Manca are planning to open new restaurants, mainly in London and the Home Counties in the coming year and, for the first time, the group expects to be opening Franco Manca pizzeria outside London during the financial year to March 2017. Contracts have been exchanged on three fantastic sites in very different locations: Brighton; Guildford; and the large office and retail development of Nova Victoria behind Buckingham Palace. The board continues to look for new sites, as well as investing in the group’s operational team to support the future growth of our restaurant endeavours. This will necessarily lead to our administrative costs increasing after the current financial year as we grow our business. In line with the group’s stated aims, the board continues to seek investment opportunities which have potential for expansion and significant capital growth.”

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