TIDMFUL
RNS Number : 2338O
Fulham Shore PLC (The)
08 February 2021
8 February 2021
The Fulham Shore plc
("Fulham Shore", the "Company" or the "Group")
Trading Update
The Board of Fulham Shore (the "Board") announces the following
update on trading.
As of today, Fulham Shore's restaurant estate comprises 53
Franco Manca pizzeria and 19 The Real Greek restaurants. Throughout
the current third lockdown and tier 4, which began on 20 December
2020, the Group has been trading through delivery and take out
services at 48 Franco Manca and 10 The Real Greek.
Each restaurant requires fewer people to operate a delivery and
takeaway only service, so much of the Group's workforce is on the
UK Government's Coronavirus Job Retention Scheme - either on full
furlough or flexi-furlough - until normal trading patterns resume
or such scheme ceases to be in place.
The Group's revenues are currently running at around 46% of what
the Board estimates to be normal trading levels, whilst we operate
under these limited conditions. The Directors are confident that
when the UK Government removes trading and "stay at home"
restrictions, trading will return to previous levels.
The Group has now drawn down in full its CLBIL loan facility of
GBP10.75m under the UK Government's scheme. The maturity date of
our existing GBP14.75m HSBC RCF loan facility is March 2022. We are
in negotiations with HSBC with a view to extending this
facility.
The Company's net debt, before lease liabilities recognised
under IFRS 16, as at 5 February 2021 was GBP5.7m. This compares
with net debt of GBP9.5m as at 29 March 2020. The Group therefore
has financial headroom within its loan agreements of circa
GBP20m.
The well-publicised difficulties in the property and restaurant
sectors are providing the Group with opportunities to acquire new
sites at much reduced rents and lower capital costs per site. We
are negotiating for many sites throughout the UK to re-start our
expansion programme as soon as full restaurant trading resumes.
In addition to our existing commitment to open a new Franco
Manca in Glasgow this summer, the Group is in final negotiations to
secure two more sites over the next few weeks, one for Franco Manca
and another for The Real Greek. Subject to concluding these
negotiations as anticipated, both these restaurants would be ready
to start trading in the summer.
For further information, please contact:
The Fulham Shore PLC www.fulhamshore.com
David Page / Nick Wong Via Hudson Sandler
Allenby Capital Limited Tel: 020 3328 5656
Nick Naylor / James Reeve / Jeremy Porter
(Corporate Finance)
Tony Quirke / Jos Pinnington (Sales and
Corporate Broking)
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 may arise.
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 19 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 53
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
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END
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