Fulham Shore PLC (LON:FUL) said “the majority” of its Franco Manca and The Real Greek restaurants have closed under the UK government’s instructions over coronavirus.
The group said “some” of its sites remain open for delivery, takeaway and click-and-collect services.
Management said they have to “reduce all costs to a minimum”, including on property and staff, but are likely to receive a business rates holiday and help paying employees from the coronavirus job retention scheme from the government for all closed restaurants.
All but basic capital expenditure will be halted to manage cash flow too.
Lenders “are supportive” and there is “sufficient” undrawn facilities available to manage the business through “any anticipated period of closure”, the company said.
Fulham Shore had £8.8mln of net debt at the end of September.