Fulham Shore, the owner of restaurant chains Franco Manca and The Real Greek, is eyeing expansion due to the low rents and empty venues caused by the coronavirus pandemic. He added that the restaurant market in the UK was “heading for a correction well before the coronavirus outbreak”. The West End and other metropolitan areas such as central Manchester used to be home to the busiest restaurants in the UK. "There were too many restaurant businesses with owners and managers convinced they could swim like Mark Spitz, but which were actually being kept afloat by some badly made rubber rings and various leaky flotation devices. © 2020 WebFG and Media Limited or its affiliated companies. The Real Greek has struggled to match the trading it enjoyed during last year’s heatwave, according to its owner.Fulham Shore, the Aim-listed restaurant operator, said that like-for-like revenues at Coronavirus: Do you have a tribute to a loved one? "Fulham Shore's estate is well positioned to benefit from these structural changes," it said. FRANCO Manca owner Fulham Shore yesterday revealed that profit halved in the six months to the end of September, despite higher revenue as it continues to expand.. Fulham Shore said it would miss expectations for full-year profit as the owner of the Franco Manca and Real Greek restaurant chains suffers the impact of the coronavirus crisis. The restaurant chain owner saw profit before tax sliced in half from £1.5m last year to just £743,000 in its latest half-year period as it poured money into opening six new Franco Manca pizzerias and one new outlet of the Real Greek. Franco Manca and Real Greek owner Fulham Shore has said that "the future looks promising" for its business. The UK-based firm said that the revenue increase was due to a slightly greater number of transactions in both its businesses. But it added that its Real Greek restaurants elsewhere in the country have performed more strongly, with some regional locations “twice as busy as they were last year”. They were driven to expand by historically cheap debt, supposed high exit multiples on sale of the businesses and run by management teams who had never experienced either a downturn in the UK economy or an oversupply in the restaurant sector. Franco Manca and Real Greek owner Fulham Shore has said that "the future looks promising" for its business. In a trading update published this morning, chairman David Page wrote: "We believe that the restaurant market in the UK was heading for a … The company record a loss before tax of £800,000. Some sites are open for delivery and take away services. "Until recently we were on target to meet or slightly exceed market expectations for the current financial yea," the company said.. "Due to decelerating trading in February and March from the impact of Covid-19, we now anticipate that we will marginally undershoot those expectations.". “We believe this situation may last at least 5 years.”. .css-1hlxxic-PromoLink:link{color:inherit;}.css-1hlxxic-PromoLink:visited{color:#696969;}.css-1hlxxic-PromoLink:link,.css-1hlxxic-PromoLink:visited{-webkit-text-decoration:none;text-decoration:none;}.css-1hlxxic-PromoLink:link:hover,.css-1hlxxic-PromoLink:visited:hover,.css-1hlxxic-PromoLink:link:focus,.css-1hlxxic-PromoLink:visited:focus{color:#B80000;-webkit-text-decoration:underline;text-decoration:underline;}.css-1hlxxic-PromoLink:link::after,.css-1hlxxic-PromoLink:visited::after{content:'';position:absolute;top:0;right:0;bottom:0;left:0;z-index:2;}UK chefs campaign for more political clout, Covid: 'Cheaper to shut restaurant than stay open', Covid: Pubs and restaurants in England to have 10pm closing times, Biden says White House co-operation 'sincere'. The president-elect describes the Trump administration's help with the transition as not "begrudging". You are seeing these quotes based on previous browsing related to sectors such as. Read more: Franco Manca expansion slices owner’s profits in half. Make sure you're logged in and subscribed to view each edition. Fulham Shore, the owner of restaurant chains Franco Manca and The Real Greek, is eyeing expansion due to the low rents and empty venues caused by the coronavirus pandemic. Fulham Shore said it would miss expectations for full-year profit as the owner of the Franco Manca and Real Greek restaurant chains suffers the impact of the coronavirus crisis. Franco Manca expansion slices owner’s profits in half, From Greggs to Franco Manca: Britain’s favourite restaurants revealed. The business feels this will particularly benefit its Franco Manca brand: "We have always felt that a Franco Manca pizzeria thrives better in a local neighbourhood where it can build a loyal local following rather than rely on passing trade.". Franco Manca owner The Fulham Shore has said it is eyeing expansion opportunities across the UK as the coronavirus crisis pulls rents lower and forces rivals to vacate sites. This website makes use of Cookies to enhance your browsing experience and provide you with additional functionality. The sector was under pressure before the pandemic, but things have got worse since March as restaurants face lockdown closures and social distancing restrictions. The crisis has also sparked a shift away from central London to the suburbs or regional towns.

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