Fulham Shore is in final negotiations to secure two more sites over the next few weeks, one each for its Franco Manca and Real Greek brands.
Subject to concluding these negotiations as anticipated, both restaurants would be ready to start trading in the summer and would be in addition to the group's new Franco Manca opening in Glasgow this summer.
The group said the well-publicised difficulties in the property and restaurant sectors are providing it with opportunities to acquire new sites at "much reduced rents" and lower capital costs. Fulham Shore said it was negotiating for "many sites" throughout the UK to re-start its expansion programme as soon as full restaurant trading resumes.
According to a trading update issued this morning, the group's revenues were around 46% of normal trading levels. It has drawn down in full its £10.75m Coronavirus Business Interruption Loan and the maturity date of its existing £14.75m HSBC revolving credit facility is March 2022. Fulham Shore is in negotiations with HSBC to extend this.
The company's net debt as at 5 February 2021 was £5.7m and it said it has financial headroom within its loan agreements of around £20m.
Fulham Shore's restaurant estate comprises 53 Franco Manca pizzeria and 19 the Real Greek restaurants. Since sites have been closed by Tier 4 and lockdown, it has been trading through delivery and take-out services at 48 Franco Manca and 10 the Real Greek sites.