The board of Fulham Shore has agreed the acquisition of the Franco Manca pizza chain for c£27.5m.
In an announcement to the city Fulham Shore said since the announcement of the acquisition two new Franco Manca restaurants have opened in London, at Belsize Park and Broadgate in the City, bringing the estate to 12. It said early trading at both restaurants had been positive.
The board agreed the acquisition of 99% of Rocca Ltd, the owners of Franco Manca and fundraising of £4.75m on condition that new ordinary shares are admitted to AIM this morning.
Fulham Shore has said it believes Franco Manca has a firm base on which to expand, initially in London and then, in time, elsewhere in the UK. It believes it has the potential to grow to at least 40 restaurants in the UK over the next five years.
