Fulham Shore has revealed plans to open new Franco Manca and The Real Greek sites this summer.
The company which currently operates 72 restaurants across the UK said the “well-publicised difficulties” in the hospitality sector are providing the group with “opportunities to acquire new sites at much reduced rents and lower capital costs per site”.
The expansion plans were announced in a trading update published on 8 February – with the group also reporting its revenues are currently running at around 46% of what the board estimates to be “normal trading levels”.
Despite this dip, Fulham Shore stated that it is “confident” that when the government removes stay at home restrictions trading will return to previous levels.
Fulham Shore which was incorporated in March 2012 added that it was negotiating for many sites throughout the UK to re-start its expansion programme as soon as full restaurant trading resumes.
Back in August, the Franco Manca owner reported a boost in sales at the start of August thanks to the government backed Eat Out To Help Out scheme.
As of 5 February, the company has revealed its net debt, before lease liabilities was £5.7m. This compares with net debt of £9.5m in March 2020.