The Fulham Shore has given a trading update for the year ended 26 March 2017 as it increases facilities with HSBC from £6.5m to £15m, which will enable the group to accelerate its UK expansion.
The financial year ends with 45 restaurants, comprising 32 Franco Manca, 12 The Real Greek and 1 Bukowski Grill franchise. The firm opened 13 new Franco Manca pizzeria and 3 The Real Greek during the year, including the first smaller Greek on the Street concept.
Towards the end of the financial year, the group opened two Franco Manca pizzeria, at Crossrail Place in Canary Wharf and next to Russell Square underground station in Bloomsbury, London. These pizzeria were intended to be part of our 2017/18 opening programme but due to the efforts of the Franco Manca opening team and our building contractors they have been opened earlier than planned. As a result of this, and a 4 month delay to the Franco Manca Victoria opening, the pre-opening costs for the year were higher than we anticipated.
The 33rd Franco Manca in Putney opened last week. The group currently building three Franco Manca in Richmond, Brighton Marina and Bournemouth, plus a 13th The Real Greek, also in Bournemouth, all for Spring/Summer 2017 openings.
Subject to site availability, the firm expects to end our 2018 financial year with 60 restaurants, comprising 45 Franco Manca, 14 The Real Greek and 1 Bukowski Grill franchise.
Finally, the business is further strengthening its ties with Italy by joining its founder, Giuseppe Mascoli, in opening a seasonal Franco Manca pizzeria by the sea, located on the island of Salina, north of Sicily. This will be operated as a franchise and Franco Manca will invest approximately £100k alongside local and international investors.