Franco Manca owner sees theatre land and City sites top 2019 takings

- Advertisement -


Group shares rose up to 8% in early trade on update

- Advertisement -

F

- Advertisement -

Franco Manca and Ulham Shor, the firm behind The Real Greek, saw its central London restaurant business rise above 2019 levels in November as people flocked around the capital.

The AIM-listed company reported a return to modest profits despite operating with restrictions during the six months to September 26. (Franco Manca notably took advantage of the lockdown takeaway boom).

- Advertisement -

The company reported profit after tax of £2.4 million, for half from a loss of £3 million in the same period last year.

President David Page said: “We have seen continued business momentum in recent weeks, with revenue in October and November compared to 2019. This includes our offices and restaurants located in the Theater District, which grew positive in four weeks into November 2021. Doing business as usual, getting revenue before the same week in 2019.”

Fulham Shore, which has overseen the pizza joint’s expansion since 2012, is now developing further.

It plans to open at least six restaurants over the next three years, starting with a local franchise in Greece. The first will open in the suburbs of Athens.

Bosses are also capitalizing on new-cheap rentals in restaurant kitchens and sites vacated by Covid-hit retailers. The firm has just opened two new London pizzerias in Blackheath and Baker Street, and has another 21 potential sites in the pipeline.

Page said the company expects the group’s full-year performance to be in line with market expectations.

Shares were up up to 8% on Monday’s morning update.

,

- Advertisement -

Stay on top - Get the daily news in your inbox

DMCA / Correction Notice

Recent Articles

Related Stories

Stay on top - Get the daily news in your inbox