AGM Statement & Trading Update
31/08/2022 07:00
For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20220831:nRSe6760Xa&default-theme=true
RNS Number : 6760X Fulham Shore PLC (The) 31 August 2022
31 August 2022
The Fulham Shore PLC
("Fulham Shore", the "Company" or the "Group")
AGM Statement
Trading Update
At The Fulham Shore's Annual General Meeting being held at The Real Greek,
Manchester Corn Exchange at 9.00am today, David Page, the Executive Chairman
of the Company, will make the following statement:
Current Trading
Despite the turmoil in the UK economy and the recent sporadic train and tube
disruption, Group trading is resilient and running in line with management
expectations.
All new restaurant openings are being well received and are also performing in
line with expectations.
Property
So far, during the Group's current financial year ending March 2023, we have
opened nine Franco Manca, the most recent being in Windsor, and one The Real
Greek in Newcastle. This takes the total number of restaurants operated by the
Group to 90. During this time, the Group also relocated its Franco Manca
restaurant on Tottenham Court Road, London.
Fitting out works are ongoing at four new Franco Manca pizzeria in Cardiff,
our first in Wales, Chichester, Hove, and Lincoln. The Real Greek has two
restaurants being constructed, in Gloucester Quays and Touchwood, Solihull,
and has exchanged contracts for a new restaurant in the St James's Quarter
Edinburgh.
The Group continues to be on track to deliver 18 new restaurants in the
current financial year.
Cash and bank facilities
The Company's net cash position before lease liabilities recognised under IFRS
16 as at 30 August 2022 was £4.7m. The Group has undrawn bank facilities of
£15.9m, providing substantial financial headroom of over £20m.
David Page, Executive Chairman, commented: "Franco Manca and The Real Greek
continue to operate busy restaurants. Our customers are attracted by our high
quality ingredients and great prices. Despite the disruption caused by rail
strikes our restaurants old and new provide a great space for people to meet
and enjoy time with family, friends and colleagues.
For further information, please contact:
The Fulham Shore PLC www.fulhamshore.com (http://www.fulhamshore.com/)
David Page / Nick Wong Via Hudson Sandler
Singer Capital Markets (Nominated Adviser & Broker) +44 (0) 20 7496 3000
Shaun Dobson / James Moat / Kailey Aliyar
Hudson Sandler - Financial PR fulhamshore@hudsonsandler.com (mailto:fulhamshore@hudsonsandler.com)
Alex Brennan / Lucy Wollam Telephone: 020 7796 4133
Notes for editors
Information on The Fulham Shore PLC
Fulham Shore owns and operates "The Real Greek" ( www.therealgreek.com
(http://www.therealgreek.com/) ) and "Franco Manca"
( www.francomanca.co.uk (http://www.francomanca.co.uk/) )
restaurants.
Fulham Shore was incorporated in March 2012. The Directors believed that there
were attractive investment opportunities within the restaurant sector in the
UK and that, given their collective experience in the restaurant sector, they
could take advantage of the opportunities which existed.
The ordinary shares of the Company were admitted to trading on AIM in October
2014 in order to capitalise on such opportunities and to give the company
employees, customers and public the ability to share in the enterprise.
The Real Greek
Since its foundation in London in 1999, The Real Greek group has grown
steadily, now offering modern Greek cuisine in 23 restaurants primarily in
London and Southern England but with restaurants across the UK (e.g.
Manchester, Newcastle and Norwich).
The Real Greek food centres on the delicious, healthy diet of the Eastern
Mediterranean, staying true to the Greek ethos of food, family and friends.
Dishes are created using premium ingredients sourced from Greece and Cyprus
whenever possible, and developed by Tonia Buxton, the face of Greek food in
the UK.
The Real Greek's menu and atmosphere retain the spirit of eating in Greece,
encouraging diners to take their time eating amongst friends and family, be it
a relaxed dinner, family get-together, or a fully catered party.
Franco Manca
Franco Manca opened its first restaurant in 2008 and now has 67 restaurants,
primarily in London, but also with restaurants across the UK (e.g. Edinburgh,
Glasgow, Manchester, Leeds, Cambridge, Bath, Oxford, Bristol and Exeter).
Franco Manca's pizza is made from slow-rising sourdough and is baked in an
oven that produces high heat. The slow levitation and blast cooking process
lock in the flour's natural aroma and moisture, giving a soft and easily
digestible crust. Where possible, locally sourced and organic ingredients are
used.
Franco Manca has received the following accolades:
Winner of Peach 20/20's Consumer Choice Award at the 2021 Hero & Icon
Awards
Winner of the Casual Dining Best Family Dining Experience Award 2020
Winner of the R200 Best Value Restaurant Operator- Over 20 Sites Award 2019
and 2017
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END TSTDDGDIBUXDGDG