Register to get 5 free articles
Reveal the article below by registering for our email newsletter.
Want unlimited access? View Plans
Already have an account? Sign in
Fulham Shore, operator of Franco Manca and The Real Greek, has revealed that revenues increased to around £100m for the year ended 26 March 2023, which represents a new record high for the group.
The news comes despite two restaurant closures during the period, as well as the impact of industrial action, social disruption, and the increase in living costs for consumers.
The group opened 18 new restaurants in FY23, including one relocation, which were funded through operational cash flow generated during the financial year.
New openings consisted of 13 Franco Manca pizzeria sites in Cardiff, Windsor and three in the Manchester area. The Real Greek had five openings in St James Quarter in Edinburgh and the Silverburn shopping centre in Glasgow.
Meanwhile, the company’s net debt position as of 26 March was £0.7m, as it withdrew net bank facilities of £14.9m. The group intends to continue to finance openings through internally generated cash flow.
According to the group’s trading outlooks, the “popularity and affordability of Franco Manca and The Real Greek, combined with clear growth opportunities in the UK and internationally, gives it confidence in the company’s future”.
It said: “The popularity and affordability of our two businesses combined with clear growth opportunities in the UK and internationally, gives us confidence in the company’s future.”
