Franco Manca operator to be snapped up for £93m
Fulham Shore, the parent operator of the Franco Manca and The Real Greek restaurant chains, is set to be acquired by a global food company in a deal worth around £93m.
The group has received an offer from Great Sea Kitchens, a newly-created company operating on behalf of global restaurant operator Toridoll.
Headquartered in Japan, Toridoll operates nearly 1,800 restaurants in 30 countries and regions within a variety of brands, including 10 Wok To Walk sites in the UK.
Toridoll said that Fulham Shore’s business offers a “leading customer proposition”.
“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”, it said.
The restaurant group added that it recognised the opportunity to expand Fulham Shore’s presence in the UK, where its 97 sites reflect an “under penetration compared to peers”. It’s also eyeing expansion internationally and through Franco Manca’s newly-launched retail channels.
The news comes alongside Fulham Shore’s trading update for its financial year ending 26 March 2023, in which it said both its restaurant businesses delivered creditable performances despite the impact of industrial action, social disruption, and cost of living increases on its customers.
The group opened 18 restaurants over the financial year, including one relocation. These comprised of 13 Franco Manca sites including in Cardiff, Windsor and three in the Manchester area, as well as five The Real Greek restaurants including in St James Quarter in Edinburgh and the Silverburn shopping centre in Glasgow.
During the year it has also franchised Franco Manca in Athens, Greece and later in April it is set to open a franchised Franco Manca in Malaga, Spain, its second international territory.
Fulham Shore recorded circa £100m in revenue for the financial year, representing a record high for the group.