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David Page warns of future for restaurants as Franco Manca delivers 152% increase in profit

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David Page warns of future for restaurants as Franco Manca delivers 152% increase in profit

Franco Manca owner Fulham Shore has grown EBITDA by 36% to £7.1m with operating profit up 152.7% to £1.3m, thanks in the main to new openings.

The group, which also operates the Real Greek restaurant chain, reported revenue of £41.2m for the year to 26 March.

Having opened 13 new Franco Manca and the Real Greek restaurants in the period, the group’s estate now numbers 32 Franco Mancas, 12 Real Greeks and one Bukowski. Meanwhile, it is seeking further expansion outside London by opening and looking for new sites in cities such as Bristol, Oxford, Cambridge and Edinburgh.

During the trading period it invested £12.4m in an IT systems to deliver an online Click and Collect takeaway service for both Franco Manca and The Real Greek.
Despite the group’s growth, chairman David Page sounded a note of caution on the future for the wider industry and cited difficult forecasting due to Brexit.

He said: “Against this backdrop, some restaurant businesses will make the grade and others will not. We believe that operators with “me-too” offerings, over-rented sites, tales of unprofitable sites, dated menus, too much debt, poor concepts and unincentivised staff (or all of the above) will struggle.

“However, I am confident that Fulham Shore is well placed as a dynamic operator with strong brands and a good portfolio of sites. We believe that our businesses have significant growth potential across the UK underpinned, first and foremost, by the quality and value of their customer offerings.”

David Page: ‘People who don’t know what they are doing are opening restaurants’ >>

Franco Manca and Real Greek restaurants set for expansion >>

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