TIDMFUL
RNS Number : 2722B
Fulham Shore PLC (The)
03 April 2017
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").
3 April 2017
The Fulham Shore PLC
Year End Trading Update
The Board of The Fulham Shore PLC ("Fulham Shore" or "the
Company") is pleased to provide an update on trading ahead of the
publication of the Company's results for the year ended 26 March
2017, which are expected to be released in early July 2017.
Financial Results
The Board expects that Fulham Shore will report full year
results in line with market expectations for the financial year to
26 March 2017.
Franco Manca opening in Italy - and our ingredients
Franco Manca continues to source its ingredients from the best
UK and Italian producers. These are organic where possible. The
business is further strengthening its ties with Italy by joining
its founder, Giuseppe Mascoli, in opening a seasonal Franco Manca
pizzeria by the sea, located on the island of Salina, north of
Sicily. This will be operated as a franchise and Franco Manca will
invest approximately GBP100,000 alongside local and international
investors.
Restaurant Openings
We have ended the financial year with 45 restaurants, comprising
32 Franco Manca, 12 The Real Greek and 1 Bukowski Grill franchise.
We opened 13 new Franco Manca pizzeria and 3 The Real Greek during
the year, including our first smaller Greek on the Street
concept.
Towards the end of the financial year in March 2017 we opened 2
Franco Manca pizzeria, at Crossrail Place in Canary Wharf and next
to Russell Square underground station in Bloomsbury, London. These
pizzeria were intended to be part of our 2017/18 opening programme
but due to the efforts of the Franco Manca opening team and our
building contractors we have opened them earlier than planned. As a
result of this and a 4 month delay to the Franco Manca Victoria
opening, our pre-opening costs for the year were higher than we
anticipated.
Our 33(rd) Franco Manca in Putney opened last week. We are
currently building 3 Franco Manca in Richmond, Brighton Marina and
Bournemouth plus a 13(th) The Real Greek, also in Bournemouth, all
for Spring/Summer 2017 openings.
Subject to site availability we expect to end our 2018 financial
year with 60 restaurants, comprising 45 Franco Manca, 14 The Real
Greek and 1 Bukowski Grill franchise.
Financing
To aid both our increased expansion plans and the strengthening
of our central team we have agreed increased facilities with our
bank, HSBC, from GBP6.5m to GBP15.0m. These new bank facilities
have been negotiated at our previously agreed terms and rates.
These bank facilites will enable Fulham Shore to gradually
accelerate its opening programme and push for a nationwide presence
throughout the UK.
- Ends -
For further information, please contact:
The Fulham Shore PLC www.fulhamshore.com
David Page Tel: 07836 346 934
Allenby Capital Limited
Nick Naylor / Jeremy Porter Tel: 0203 328 5656
/ James Reeve
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 currently operates "The Real Greek"
(www.therealgreek.com) and "Franco Manca" (www.francomanca.co.uk)
restaurants, as well as a Bukowski Grill restaurant in Soho.
The Real Greek
Since its foundation in London in 1999, The Real Greek group has
grown steadily, now offering modern Greek cuisine in 12 restaurants
across London and Southern England.
The company is an ambassador of Greek food and Greek hospitality
in the UK. 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.
Both 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 33
restaurants, primarily in London, but with recent openings in
Brighton, Southampton and Guildford. Other locations outside London
are in the opening pipeline for the next 12 months.
Franco Manca's pizza is made from slow-rising sourdough and is
baked in an oven that produces heat of about 500degc (930degF). 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 GBP4.95.
Winner of the CGA Peach Hero and Icon Awards Best Concept award
2016
"If you only eat one pizza this year, make sure it's at Franco
Manca" - Tatler (2011)
"Franco Manca is quite possibly the best pizza restaurant to
ever exist in London." - Metro (2016)
Bukowski
Bukowski is a London-based charcoal-grill restaurant and bar,
serving breakfasts, burgers and grills. Bukowski has four
restaurants in London, one of which Fulham Shore operates in Soho
under a franchise agreement.
This information is provided by RNS
The company news service from the London Stock Exchange
END
TSTEALLAESFXEFF
(END) Dow Jones Newswires
April 03, 2017 02:00 ET (06:00 GMT)
The Fulham Shore (LSE:FUL)
Historical Stock Chart
From Apr 2024 to May 2024
The Fulham Shore (LSE:FUL)
Historical Stock Chart
From May 2023 to May 2024