Partner Article

London restaurant group acquires Franco Manca portfolio in £27.5m deal

Restaurant operator Fulham Shore has conditionally agreed to acquire 99 per cent of the issued share capital of Rocca Limited, the owner of the Franco Manca restaurant group.

Franco Manca specialises in Neapolitan sourdough pizza and currently has ten restaurants in London. One of which, on Tottenham Court Road, is currently operated by the company under a franchise agreement with Rocca Limited.

At the end of last year, Fulham Shore saw pre-tax loss of £149k transform into a pre-tax profit of £84k for the six months ending 28th September.

As well as operating Franco Manca pizzeria on Tottenham Court Road, London, the group runs seven The Real Greek restaurants and is currently working on a new outlet on Berwick Street, Soho, which is due to open in Spring 2015.

The company has conditionally raised a total of £4.75m via a placing and subscription of new ordinary shares at 11p per share.

David Page, chairman of the Company, commented: “We’re delighted to have agreed to acquire Franco Manca, an excellent growing business. The success to date of our franchise on Tottenham Court Road encouraged the Board to pursue this acquisition. Alongside The Real Greek, we believe we are creating a portfolio of exciting and well regarded restaurant brands.

“We believe that the staff working at our restaurants are key to the success of our business. As such we intend to gift shares in the Company to a share incentive scheme, which will be used to provide each and every member of our staff with 1,500 shares in Fulham Shore.”

This was posted in Bdaily's Members' News section by Ellen Forster .