The crisis has also sparked a shift away from central London to the suburbs or regional towns. Franco Manca and Real Greek owner Fulham Shore has said that "the future looks promising" for its business. Fulham Shore also completed an equity fundraise raising £2.25m. The group said it has now reopened 68 of its 70 restaurants with extra safety precautions in place. In a trading update published this morning, chairman David Page wrote: "We believe that the restaurant market in the UK was heading for a correction well before the coronavirus outbreak. © 2020 WebFG and Media Limited or its affiliated companies. 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.. ", He added: "This is the future high – quality ingredients combined with low prices, delivering high turnover per site. At Fulham Shore we offer all these things. "Fulham Shore's estate is well positioned to benefit from these structural changes," it said. 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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. .css-14iz86j-BoldText{font-weight:bold;}The owner of Franco Manca and The Real Greek restaurants has fired a scathing broadside at rivals, saying the sector was heading for a shake-out well before the pandemic struck. "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. 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". "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.". Holidays Please: The West End and other metropolitan areas such as central Manchester used to be home to the busiest restaurants in the UK. 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.The restaurant group, The trading update reports that the year ended 29 March 2020 had seen revenue grow by 7% reaching £68.6m, while headline earnings before interest, taxes, depreciation and amortisation reached £15.2m. All rights reserved. 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”. Lifetime Achievement Award winner Robin Hutson joins a league of industry superstars at this year’s unforgettable Cateys. Fulham Shore said too many firms had been "convinced they could swim like Mark Spitz" while being kept afloat by artificial means. "Some of our regional and suburban restaurants are currently breaking trading records on a weekly basis," Fulham Shore said, describing this as "unprecedented". We will go prospecting in areas of the country where we can open more of our restaurants, in towns and cities such as Newcastle, Canterbury, Cardiff and Glasgow.". UK scientists warn over Christmas mingling, Meghan tells of 'unbearable grief' of miscarriage, How sunshine can make the railways greener. David was chief executive of PizzaExpress and then chairman until it was acquired by a private equity house in 2002. 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. You are seeing these quotes based on previous browsing related to sectors such as. Fulham Shore said it was cutting all its costs to a minimum, including property and staff expenses. 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.The restaurant group, "Our lenders are supportive and we have sufficient undrawn facilities available to manage the business through any anticipated period of closure.". FREE long haul enquiries - NO monthly fees - generous commission - get paid... c£25,000 to £30,000 p.a. UK chefs campaign for more political clout, How sunshine can make the railways greener. 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 Franco Manca and Real Greek owner Fulham Shore has said that "the future looks promising" for its business. The president-elect describes the Trump administration's help with the transition as not "begrudging". "Successful restaurant businesses will continue to be those offering reasonably priced food, made with quality ingredients, served by motivated teams. 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”. Fulham Shore, the restaurant owner behind Franco Manca and The Real Greek chains, has said it has seen “encouraging revenue increases” in the first 21 weeks of the financial year. 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. {{ 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. 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. The sector was under pressure before the pandemic, but things have got worse since March as restaurants face lockdown closures and social distancing restrictions. 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But since July, when lockdown restrictions on the sector began to ease, the situation had "completely reversed" and was likely to stay that way "for the foreseeable future". “We feel the longer we wait for even the best of these sites the lower the rents we can achieve,” Fulham Shore chairman David Page said. Read more: Franco Manca expansion slices owner’s profits in half. The owner of Franco Manca and The Real Greek restaurants has fired a scathing broadside at rivals, saying the sector was heading for a shake-out well before the pandemic struck.

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