(Sharecast News) - Franco Manca owner Fulham Shore said on Thursday that the majority of its sites had now reopened, with sales rising week-on-week since 4 July.
Fulham Shore said its sites were capable of operating at roughly 60-70% of their previous dine-in capacity due to social distancing requirements. However, it noted this had been somewhat offset by an increase in delivery and takeaway orders.
"Trading at the group's re-opened restaurants has started gradually, and the early signs in both businesses are promising," said the firm.
"In the four weeks since 6 July 2020, like-for-like restaurant sales at reopened sites were approximately 72% of the equivalent weeks in the previous year."
The AIM-listed group also stated it had implemented "effective cost-saving measures" such as rent reductions, deferrals and waivers with many landlords as part of an effort to weather the Covid-19 storm.
Fulham Shore also launched a £2.25m fundraiser at a price of 6.25p per share and announced that it had agreed to a new £25.75m revolving credit facility in order to position the group on "a sound financial footing" and enable it to continue its policy of best value menu pricing and provide substantial headroom over current net debt.
As of 1300 BST, Fulham shares had shot up 11.02% to 6.80p.
11 Jul 2023 14:17
IN BRIEF: Fulham Shore takeover by Great Sea Kitchens effective
Fulham Shore PLC - London-based Franco Manca and The Real Greek owner - Says takeover by Great Sea Kitchens Ltd is now effective. This follows the April 5 announcement by Fulham Shore and Great Sea Kitchens to their respective boards that they had reached agreement on April 5 on the terms of a cash offer pursuant to which Great Sea Kitchens, newly-incorporated company established on behalf of Toridoll Holdings Corp, would acquire the entire issue and to be issued share capital of Fulham Shore for GBP93.4 million.
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