Franco Manca owner's £93m sale approved by shareholders

The £93.4m sale of the group behind the Franco Manca and Real Greek restaurant brands has been voted through by shareholders.

 

Fulham Shore said in April it had received a cash offer from Japanese food business Toridoll, which operates the Marugame Udon, Shoryu and Wok to Walk restaurants brands in the UK, to acquire the business.

 

The sale was approved by Fulham Shore’s shareholders in two meetings held on Friday (9 June).

 

Under the terms of the deal, shareholders in Fulham Shore would receive 14.15p per share.

 

This is a 34.8% premium on the closing price of 10.5p per share on 4 April, the last business day before the offer was announced.

 

Toridoll, which is partnering with investment firm Capdesia on the deal, said it saw potential to grow the Franco Manca and Real Greek restaurant brands in the UK and overseas.

 

The deal is still subject to certain conditions and a court hearing is expected to take place on 7 July. This could see the sale complete on 11 July, when Fulham Shore would cease trading on the London Stock Exchange, although the dates have yet to be confirmed.

 

David Page, executive chairman of Fulham Shore, said: "We are pleased that our shareholders have resoundingly recognised the attractiveness of this transaction for all our stakeholders.

 

“The combination with Toridoll and Capdesia will mark a hugely exciting new chapter for the business and its two outstanding brands, Franco Manca and the Real Greek.

 

“Toridoll is a world-class operator, and we strongly believe that in partnership with Capdesia their extensive experience of successfully building outstanding, experience-led restaurant businesses will enable Fulham Shore to fulfil its exciting long-term potential."

 

Fulham Shore was incorporated in 2012 and acquired both the Franco Manca and the Real Greek brands. It has since grown the Real Greek from seven to 27 restaurants and Franco Manca from 10 to 70 restaurants in the UK.

 

Franco Manca has also entered franchise agreements in Greece, Spain and Northern Ireland as well as launched a Franco Manca Cook at Home range of retail pizza products.

 

Fulham Shore's non‐executive directors Martin Chapman, Des Gunewardena and Nick Donaldson have agreed to resign from their positions on completion of the acquisition.

 

Toridoll and Capdesia have a background in expanding restaurant brands. In 2020, the pair entered a joint venture to grow Marugame Udon, which runs over 1,000 restaurants in Asia and the United States, across Europe.

 

Marguame Udon has opened 12 sites in London and Reading since 2021 and European chief executive Keith Bird previously said the brand was aiming to become a “household name” in the region.