The crisis has also sparked a shift away from central London to the suburbs or regional towns. The crisis has also sparked a shift away from central London to the suburbs or regional towns. You are seeing these quotes based on previous browsing related to sectors such as. 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. The flotation of PizzaExpress PLC took place in 1993. ", He added: "This is the future high – quality ingredients combined with low prices, delivering high turnover per site. Fulham Shore also posted a 7.2 per cent jump in revenue for the year ended 31 March, reaching £68.6m. Lifetime Achievement Award winner Robin Hutson joins a league of industry superstars at this year’s unforgettable Cateys. "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. 3rd Floor, 52 Grosvenor Gardens, London SW1W 0AU. Franco Manca expansion slices owner’s profits in half, From Greggs to Franco Manca: Britain’s favourite restaurants revealed. The Fulham Shore, which also runs The Real Greek chain, told investors it is ‘well positioned’ to benefit from structural changes to the sector. Make sure you're logged in and subscribed to view each edition. 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.. Since reopening custom has pivoted to the business' suburban sites, meaning these are much busier than those in the West End and other metropolitan areas, something it believes "will remain the case for the foreseeable future". "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. Follow us for breaking news and latest updates: This field is for validation purposes and should be left unchanged. Franco Manca and The Real Greek owner The Fulham Shore PLC shares shot up 16.4% to 10.9p after it reported a jump in first-half profits and revenue.. … The Fulham Shore said it will “go prospecting” in areas of the country where it can open more restaurants, highlighting Newcastle, Canterbury, Cardiff and Glasgow as areas for potential expansion. “We believe this situation may last at least 5 years.”. 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. 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"Successful restaurant businesses will continue to be those offering reasonably priced food, made with quality ingredients, served by motivated teams. .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 West End and other metropolitan areas such as central Manchester used to be home to the busiest restaurants in the UK. But since the pandemic the focus has shifted to regional restaurants, which are “currently breaking trading records on a weekly basis.”. The company said it believes its strategy of opening Franco Manca restaurants in London suburb areas “has borne fruit” in recent months, reporting that these sites “are busier than they have ever been”. For a premium account we need your address. Some sites are open for delivery and take away services. © 2020 BBC. "Our lenders are supportive and we have sufficient undrawn facilities available to manage the business through any anticipated period of closure.". The BBC is not responsible for the content of external sites. 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 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. FREE long haul enquiries - NO monthly fees - generous commission - get paid... c£25,000 to £30,000 p.a. © 2020 All rights reserved. Franco Manca and Real Greek owner Fulham Shore has said that "the future looks promising" for its business. {{ storiesRelated.scrollNewsPercent }}% Complete, Virgin Money takes £501m hit from Covid-19 bad debt charge, Future to buy GoCo; FY results beat expectations, London pre-open: Stocks seen higher as investors eye spending review, Tullow looks to unlock West Africa potential, Kingfisher buys online platform NeedHelp, Melrose trading at top of expectations, Franco Manca owner Fulham Shore to miss expectations, Restated results reveal £46m loss at Lookers, Fulham Shore says business bounced back in second quarter, Canaccord Genuity raises target price on Invinity Energy, Keywords Studios to buy LA-based gnet for up to $32m, Odey accuses Rio Tinto of destroying value over Mongolian mine, HICL Infrastructure puts in 'solid' first half performance, Elementis rejects second takeover approach from Minerals Technologies. 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