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Franco Manca owner soars after sales double

·1-min read
The London-based hospitality firm, which also owns The Real Greek restaurant chain, reported revenues of £83.7 million in the year to March (PA Media)
The London-based hospitality firm, which also owns The Real Greek restaurant chain, reported revenues of £83.7 million in the year to March (PA Media)

Shares in Franco Manca pizza owner Fulham Shore soared 11% after the restaurant group posted a doubling in revenues, led by strong growth from sales of its vegan and vegetarian menu options.

The London-based hospitality firm, which also owns The Real Greek restaurant chain, reported revenues of £83.7 million in the year to March, while profits more than doubled to £19.5 million.

Fulham Shore executive chairman David Page said: “There’s a trend towards vegan and vegetarian eating — if it’s done well it’s really popular.

“Our new halloumi pizza sold three times as much as planned.”

The company opened 10 new restaurants during the year, and set up its first franchise in Greece. Six new sites are in the process of being fitted out, while a further 16 sites are “in solicitors’ hands.” The group now has 82 sites in the UK and 84 globally.

Page said the firm had put wages up 25% to plug labour shortages, but increases in labour and utility costs had been offset by falling high street rents.

“Landlords can’t fill the space – we’re paying rents of £100,000 when they used to be £200,000” he said.

The company was able to shore up its finances during the pandemic by pivoting to online delivery, which now accounts for 20% of revenues. It has since repaid a Covid recovery loan it took out during pandemic lockdowns.

“Through Covid we’ve managed to change from having debts of £15 million to having £5 million in the bank,” Page said.

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