Franco Manca continues to expand despite post-Brexit impact
Fulman Shore has so far opened 13 new Franco Manca pizzerias during the year.
Since the year end, the firm highlighted the launch of a further 6 Franco Manca restaurants in the UK and the opening of the first franchised Franco Manca pizzeria in Salina.
Fulham Shore delivered continued strong performance in the financial year (ended 26 March 2017) citing growth across both of the Group's key brands. The company reported a 41.1% increase in revenue to £41.3m, a 36.0% increase in Headline EBITDA to £7.1m and a 170.4% increase in profit before taxation to £1.1m.
Currently, the firm is developing two restaurant brands – one of which is the Franco Manca. The brand, which was started in Brixton in 2009 by Giuseppe Mascoli, has experienced strong growth since it was acquired by the Group in 2015 and is now expanding outside London by opening and looking for new sites in cities such as Bristol, Oxford, Cambridge and Edinburgh.
Since the Group acquisition of Franco Manca in 2015, it has expanded the pizzeria in the UK from 12 to 38 (32 at the year-end). This has resulted in growing to serving over 60,000 pizzas per week, up from 25,000 just over two years ago.
Franco Manca further strengthened its ties with Italy by joining its founder, Giuseppe Mascoli, in opening a seasonal Franco Manca pizzeria by the sea, located on the island of Salina, north of Sicily, since the year end.
Franco Manca's growth to date has primarily been in London where the focus is on establishing the positive reputation of the young brand's business. The Group has built Franco Manca's awareness by expanding in London 'villages' and opening new restaurants in close proximity to established Franco Manca pizzeria.
“Trading during the current financial year has so far remained in line with our expectations. However, there are many uncertainties out there: another General Election would be unhelpful, terrorist incidents have always reduced London public confidence (and therefore restaurant visits) and the long-term Brexit impact is unknown; it is, however, already affecting the availability of skilled European restaurant staff. In addition, food costs are currently on the increase and there is some evidence of reducing consumer expenditure,” said David Page, chairman of Fulman Shore PLC.
Despite this, the UK dining out market continues to grow and as the Group anticipates opening approximately 15 new locations in the current financial year.
Photo credit: Broadgate
