Completion of banking facilities & trading update

Fulham Shore

20/08/2020 08:01

RNS Number : 6357W

Fulham Shore PLC (The)

20 August 2020

 

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR").

 

 

20 August 2020

The Fulham Shore PLC

("Fulham Shore", the "Company" or the "Group")

 

Completion of fundraise and banking facilities and trading update

 

The Board of Fulham Shore ("Board") is pleased to announce the completion of the equity fundraise to raise £2.25 million (the "Fundraise") and admission of the 36,000,000 new ordinary shares in the Company issued pursuant to the Fundraise to trading on AIM earlier today ("Admission"). In addition, as a result of the Directors' participation in the Fundraise, the Company's new £25.75 million bank facilities have become unconditional in all respects. Further details on the Fundraise and the new bank facilities are set out in the Company's announcements on 6 August 2020.

 

Trading update

 

The UK Government's 'Eat Out to Help Out' scheme has proved to be beneficial both for UK diners and Fulham Shore. Trade in the first full fortnight in August was markedly up on the same period in the previous year, with the Group achieving one of its highest weekly turnover figures in the second week of 'Eat Out to Help Out', despite some of its restaurants still remaining closed.

 

Almost all of the Group's employees are back off furlough and the Company is recruiting and training more restaurant staff at all levels.

 

Since 6 August 2020, the Company has re-opened two more The Real Greek restaurants and is planning to reopen another Franco Manca next week, next to the new Harrods store in Westfield London. This will take the Group restaurant numbers that have re-opened for trading up to 50 (out of 51) Franco Manca and 16 (out of 18) The Real Greek. This will leave the Company with three unopened sites in the City and West End of London, which will re-open when office tenants and theatregoers return. The Company also remains on track to open a new Franco Manca on The Cut, near to the Old Vic theatre and Waterloo Station in London, in mid-September.

 

After the closure of the restaurants at the start of lockdown in March, the Company initiated conversations with all of its landlords regarding a reduction in the sums paid to them under the various leases. The Group is pleased to report that it has reached agreement with more than 40% of its landlords to waive, defer and/or reduce the rent on the properties it leases from them.  The Company remains in discussions over similar arrangements with its other landlords. The Board is grateful to those landlords who have engaged with the Company and been supportive of the business in these difficult times.

 

Total Voting Rights

 

Following Admission, the Company now has 609,617,181 ordinary shares of 1 penny each ("Ordinary Shares") in issue, each with one voting right. The Company does not hold any shares in treasury and therefore the total number of voting rights in the Company is 609,617,181. This figure of 609,617,181 should be used by shareholders as the denominator for the calculations by which they should determine if they are required to notify their interest in, or a change to their interest in the Company under the FCA's Disclosure Guidance and Transparency Rules. 

 

For further information, please contact:

 

The Fulham Shore PLC
www.fulhamshore.com
David Page
Via Hudson Sandler
Allenby Capital Limited
Tony Quirke / Jos Pinnington (Sales)
Nick Naylor / Jeremy Porter / James Reeve (Corporate Finance)
Tel: 020 3328 5656
Hudson Sandler - Financial PR
Alex Brennan / Lucy Wollam
fulhamshore@hudsonsandler.com
Telephone: 020 7796 4133

 

 

Notes for editors

 

Information on The Fulham Shore PLC

 

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.

 

Today, Fulham Shore owns and operates "The Real Greek" (www.therealgreek.com) and "Franco Manca" (www.francomanca.co.uk) restaurants.

 

The Real Greek

 

Since its foundation in London in 1999, The Real Greek group has grown steadily, now offering modern Greek cuisine in 18 restaurants (16 of which have so far reopened) across London and Southern England.

 

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 51 restaurants (49 of which have so far reopened), primarily in London, but also with restaurants across the UK (e.g. Edinburgh, Manchester, Leeds, Cambridge, Bath, Oxford, Bristol and Exeter). Franco Manca also has a franchised pizzeria on the island of Salina in Italy.

 

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. Pizza prices start from £5.20.

 

Franco Manca has received the following accolades:

 

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

 

Winner of the CGA Peach Hero and Icon Awards Best Concept award 2016

 

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