Fulham Shore has reported it is trading at around 46% of normal trading levels during lockdown.

In a trading update, the Franco Manca and Real Greek operator said directors were confident when the UK Government removes restrictions, trading will return to previous levels.

Throughout lockdown, Fulham Shore has been offering delivery and take out services at 48 Franco Manca and 10 The Real Greek.

The group has now drawn down in full its CLBIL loan facility of £10.75m under the Government’s scheme.

The maturity date of its existing £14.75m HSBC revolving credit facility is March 2022, with negotiations to extending this facility.

The company’s net debt, before lease liabilities, was £5.7m as at 5 February 2021, compared with net debt of £9.5m as at 29 March 2020.

The group therefore has financial headroom within its loan agreements of around £20m.

The company repeated that the crisis was throwing up new site opportunities at much reduced costs.

A spokesman said: “The well-publicised difficulties in the property and restaurant sectors are providing the group with opportunities to acquire new sites at much reduced rents and lower capital costs per site. We are negotiating for many sites throughout the UK to re-start our expansion programme as soon as full restaurant trading resumes.

“In addition to our existing commitment to open a new Franco Manca in Glasgow this summer, the group is in final negotiations to secure two more sites over the next few weeks, one for Franco Manca and another for The Real Greek. Subject to concluding these negotiations as anticipated, both these restaurants would be ready to start trading in the summer.”