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.
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 £100,000 alongside local and international investors.
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 33rd Franco Manca in Putney opened last week. We are currently building 3 Franco Manca in Richmond, Brighton Marina and Bournemouth plus a 13th 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.
To aid both our increased expansion plans and the strengthening of our central team we have agreed increased facilities with our bank, HSBC, from £6.5m to £15.0m. 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
Tel: 07836 346 934
Allenby Capital Limited
Nick Naylor / Jeremy Porter / James Reeve
Tel: 0203 328 5656
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 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 500°c (930°F). 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 £4.95.
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 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.