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Thu 23rd Aug 2018 - Update: Fulham Shore, Grosvenor Pubs, Jollibee, Mosaic Pub & Dining
Fulham Shore – encouraging revenue increases, more properties coming on the market: Franco Manca operator Fulham Shore has reported an “increased revenue” trend ahead of its AGM today. David Page, chairman of the company, stated: “There have been encouraging revenue increases in both Franco Manca and The Real Greek in the first 21 weeks of the financial year. The increased revenue has been generated predominantly from a slightly greater number of transactions in both of our businesses and is driven by menu innovation, the quality of food, the value of our propositions and dedication of our team. In the 2019 financial year to date, Fulham Shore has opened two Franco Manca pizzeria, in Bath and Cambridge, and closed one Franco Manca in Brighton Marina. This takes Fulham Shore’s restaurant portfolio to 58 restaurants in the UK, comprising 16 The Real Greek and 42 Franco Manca, as well as one Franco Manca franchise in Italy. We are in the final stages of negotiations for a number of locations for the current and coming financial year. As previously announced, we will continue to fund new restaurant openings largely through internally generated cash flow. We are seeing more properties coming to the market as a result of the current conditions in the wider retail and dining out sectors. We will continue to assess these opportunities and respond accordingly.”

Former Busabi chief executive buys debut pub: Acting on behalf of a private client, agent AG&G has sold the freehold of The Cricketers Inn in Pirbright, Surrey, to Grosvenor Pubs, the new pub vehicle from Jason Myers and David Ramsay. The pub is the debut site for Grosvenor, which is backed by Downing EIS Pub Fund 3 and aims to build an estate of high-quality country pubs with rooms. Whilst the group is flexible on geography, the main focus of expansion will be on affluent areas within a two-hour drive of London. Myers is the former chief executive of Busaba Eathai. He also spent two years as an operations director at Greene King, having previously worked for Spirit. Ramsey is the owner of Brunswick Management Ventures and the chairman of Soulfood Enterprises, which operates concepts including Butterscotch, Stax Diner and Boondocks. He is also one of the co-founders of new Italian concept Bancone. AG&G director James Grimes said: “We had good interest in this one due to its attractive village location. Bidding was competitive and I am pleased to have been involved with the first Grosvenor Pubs venture.”

Jollibee secures Wagamama site for UK debut: Jollibee, the Philippines fast food group, which was last year linked with a takeover of Pret, is to make its UK debut with its eponymous brand, thanks to AG&G. The company, which operates over 1,000 restaurants under the Jollibee brand, has secured the Wagamama unit in Earl’s Court for its first site in the UK. The group will re-open the site before the end of this year. Ernesto Tanmantiong, president of the Philippines fast food group, said last year that the company planned to be one of the world’s five biggest restaurant operators by 2025. Earlier this year the company, acquired a majority stake in Smashburger. It already owned 40% of the US company and paid $100m for a further 45%. Jollibee’s current market value is $5.2bn. AG&G director Richard Negus said: “Earls Court was the target destination for Jollibee’s first restaurant due to its high-level of Filipino residents. At first we (AG&G and Wagamama) were a little unsure of Jollibee’s covenant, but this was quickly settled when around the same time the company made a billion pound offer to acquire Pret A Manager!”

Mosaic secures Greenwich site: Agent AG&G has acted for Mosaic Pub and Dining, formerly known as City Pub EIS Fund, in the acquisition of a new site at New Quay, Greenwich. The 18-strong group has secured the virtual freehold of a new build in the New Capital Quay development in Greenwich, which neighbours the Fuller’s site, Sail Loft. The unit is set to be converted into a premium bar and dining offer. Mosaic joint chief executive James Watson said: “We have been anticipating this acquisition for quite some time and are very excited to have a riverside presence in such an exciting, vibrant part of London as Greenwich.” Michael Penfold, director at AG&G, said: “Very happy to have helped Mosaic with this acquisition in such a prominent riverside position. I look forward to seeing the premises up and running. This is the fifth deal AG&G has done with Mosaic and the third this year. We look forward to working further with this fast-growing, progressive business.”

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