The owner of Franco Manca and The Real Greek restaurant chains has agreed to sell the business to the Japanese operator of Wok to Walk and Marugame Udon.
Great Sea Kitchens, a newly-incorporated company established on behalf of Tokyo-listed Toridoll Holdings Corporation, has made an all cash offer to acquire Fulham Shore for £93.4m.
Fulham Shore’s restaurants offer a leading customer proposition – providing authentic, high-quality food and drinks at affordable prices. In spite of the challenging trading circumstances of recent years, Fulham Shore has continued to deliver robust performance overseen by its highly experienced management team.
Fulham Shore is well positioned to continue to benefit from favourable market trends, particularly an anticipated growth in demand for Italian cuisine, and that its differentiated operating model will put Fulham Shore at the forefront of that growth.
Great Sea Kitchens also recognises the significant opportunity for Fulham Shore to expand its presence in the UK - the portfolio currently stands at 97 sites.
David Page, Fulham Shore's executive chair, said, “We are proud of the significant progress that Fulham Shore has made since it was founded in 2012. While we remain excited about the prospects for the business on a standalone basis, we have been in discussions with both Toridoll and Capdesia and received a proposal that we believe is compelling for all of our stakeholders.”
The group said it expected to reach sales of about £100m for the year to March, a record, as trading near transport hubs and tourist locations was going well, while those in office districts had yet to return to pre-pandemic levels.
Takaya Awata, President and CEO of Toridoll, said, “Fulham Shore has two exciting and fast growing brands that are aligned with Toridoll s slogan of “Filling Our Planet with Dining Experiences that will Move You.
'We are confident that both have the potential for significant future growth, domestically and internationally. Together with the strength of these brands and our partnership with restaurant sector specialist fund Capdesia, we have the opportunity to leverage our combined expertise and significant resources to accelerate their growth even further.
'We look forward to working closely with Fulham Shore’s management and employees as we embark on the next stage of the company’s growth.”