Exclusive – Franco Manca owner brings in advisors to review options: Fulham Shore, which operates the Franco Manca and The Real Greek restaurant brands, has appointed advisors to review its strategic options to ensure both brands are “on the strongest possible footing to realise their long-term potential”. The company, which is backed by the Tokyo-listed Toridoll and Capdesia, is understood to be working with Alvarez & Marsal on the process that is thought to have commenced this week, and could include a sale of all or parts of the company, or a restructure of the business. As with the majority of the sector, the business has been battling the impact of cumulative government policies, including the changes in national insurance contributions. It is thought offers for the business could be due as early as next month. Toridoll partnered with Capdesia to take Fulham Shore private in spring 2023, in a deal that valued the business at circa £93.4m. The company currently operates 70 sites under the Franco Manca pizza brand, and 28 sites under The Real Greek. Marcel Khan, chief executive of Fulham Shore, told Propel: "While sales performance across Franco Manca and The Real Greek remains relatively robust, the current macroeconomic environment continues to place pressure on parts of the casual dining sector. Against this backdrop, Fulham Shore has appointed Alvarez & Marsal to undertake a thorough review of strategic options to ensure both brands are on the strongest possible footing to realise their long-term potential. There is no fixed timetable for this review, and no certainty that it will result in any particular outcome. Any decisions will be taken carefully, with a clear focus on long-term value creation and sustainability." In April last year, Franco Manca reported turnover increased to £70,105,000 for the year to 31 March 2024 compared with £64,504,000 the previous year. Headline Ebitda stood at £5,903,000 compared with £7,285,000 the previous year. Pre-tax losses grew to £3,404,000 from £413,000 the year before. The Real Greek saw turnover increase to £37,105,000 compared with £35,951,000 the previous year. Headline Ebitda stood at £1,233,000 compared with £3,009,000 the year before. Pre-tax losses were up to £2,876,000 from £394,000 the previous year. Post year end, Toridoll provided a £20.75m subordinated loan facility to Fulham Shore. Khan told Propel at the time: “Since the period covered by these accounts, we have continued moving forwards with our strategy and evolution of both businesses which will help drive sustainable growth for both brands over the long term.” Fulham Shore features in the Premium Club Turnover & Profits Blue Book, the latest edition of which features 1,227 companies. Fulham Shore's turnover of £107.2m is the 127th highest in the database. Companies can now have an unlimited number of people receive access to Propel Premium for a year for £995 plus VAT – whether they are an operator or a supplier. The single subscription rate is £495 plus VAT for operators and £595 plus VAT for suppliers. Email kai.kirkman@propelinfo.com to upgrade your subscription.