AGM Statement and Trading Update
28 August 2019
The Fulham Shore plc
("Fulham Shore", the "Company" or the "Group")
AGM statement and Trading Update
At today's Annual General Meeting, being held at 9.00am at Franco Manca Birmingham, located at 19 Bennetts Hill, B2 5QJ, David Page, the Chairman of the Company, will make the following statement:
In the first 21 weeks of the current financial year, total Group revenues have increased compared to the same period last year.
At Franco Manca, increased revenue is being driven by restaurant openings and increased customer numbers. At The Real Greek, due to the long spring and summer 2018 heatwave, which has not been repeated in 2019, like for like revenues have until recently been slightly behind last year.
Overall, trading for the Group in the financial year to date continues to be in line with management expectations.
In the current financial year to date, Fulham Shore has opened five Franco Manca pizzeria: in Greenwich, Birmingham, Exeter, Leeds and Edinburgh, all of which have started brightly. The opening of these last four restaurants continues our successful expansion outside London.
We are building our 50th Franco Manca pizzeria in Manchester and the 17th The Real Greek on the Strand in London. These two will take Fulham Shore's restaurant portfolio to 67 restaurants in the UK, as well as one summer Franco Manca franchise in Italy.
We are in negotiations to secure a number of sites for the current and next financial year. As previously announced, we will continue our policy of funding new restaurant openings largely through internally generated cash flow. We continue to see more properties coming to the market at ever lower rents as a result of the current conditions in the wider property, retail and dining out sectors, and will continue to take advantage of these as and when is appropriate.
For further information please contact:
The Fulham Shore plc
Tel: 020 3026 8129
Allenby Capital Limited
Nick Naylor / Jeremy Porter / James Reeve
Tel: 0203 328 5656
Hudson Sandler - Financial PR
Alex Brennan / Lucy Wollam
Tel: 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 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 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 16 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 opened its first restaurant in 2008 and now has 49 restaurants, primarily in London, but with recent openings in Leeds, Exeter, Birmingham, Cambridge, Bath, Oxford and Bristol. Other locations outside London are in the opening pipeline for the next 12 months. 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 £5.00.
Franco Manca has received the following accolades:
Winner of the R200 Best Value Restaurant Operator- Over 20 Sites Award 2017
Winner of the CGA Peach Hero and Icon Awards Best Concept award 2016
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Quick facts: Fulham Shore PLC
Market Cap: £63.21 m
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