Fulham Shore PLC plans new sites openings as revenues halve during lockdown
The current sector crisis is providing opportunities to acquire new sites at much reduced rents and lower capital costs per site
() said it plans to open new sites as revenues almost halved during lockdown.
The restaurant operator is to open a new Franco Manca in Glasgow this summer and is in final negotiations to secure two more sites over the next few weeks, one for Franco Manca and the other for The Real Greek, also to start trading in the summer.
READ: Fulham Shore flips to loss but cautiously optimistic about post-virus future
The current sector crisis provides opportunities to acquire new sites at much reduced rents and lower capital costs, it added.
Due to the current lockdown, revenues are currently running at around 46% of normal trading levels but the board is confident in a swift bounce back once restrictions are eased.
As of Monday, the AIM-listed firm’s estate comprises 53 Franco Manca pizzeria and 19 The Real Greek restaurants, with 48 and 10 sites respectively now trading through delivery and take-out services, with several staff now in furlough.
Fulham Shore has drawn down in full a loan facility of £10mln under the UK Government’s scheme and is discussing to extend the maturity date of a £14mln facility with .
Net debt as of Friday was £5.77mln, down from £9.5mln last March.
Read More: Fulham Shore PLC plans new sites openings as revenues halve during lockdown