Toridoll set to buy Fulham Shore for £93.4m

Fulham Shore, which operates the Franco Manca and the Real Greek restaurant brands, is set to be acquired by Toridoll Holdings Corporation in a deal valuing the business at approximately £93.4m.

Directors have agreed offer terms which will see the business come under the ownership of Bidco, a subsidiary of Japan-based Toridoll, which operates Marugame Udon, Shoryu and Wok to Walk in the UK in partnership with private equity firm Capdesia.

The pair have agreed to partner on the acquisition to grow the Franco Manca and the Real Greek brands across the UK and internationally.

The deal will be put to a shareholder vote and, if approved, is expected to complete by the end of May.

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, after which the business is also expected to stop trading on the London Stock Exchange.

Late last year, Fulham Shore reduced its expansion plans in light of the challenging economic backdrop, despite hitting record revenue of around £100m for its 2023 financial year.

David Page, executive chairman of Fulham Shore, said: “We are proud of the significant progress that Fulham Shore has made since it was founded in 2012. We are proud of our two brands, Franco Manca and the Real Greek, and the growth we have delivered for Fulham Shore.

"Whilst we remain excited about the prospects for the business on a standalone basis, we have been in discussions with both Toridoll and Capdesia and received a proposal that we believe is compelling for all of our stakeholders. We believe Toridoll and Capdesia's experience in successfully building restaurant businesses and their long-term vision for Fulham Shore, will enable Fulham Shore to fulfil its long-term potential.”

Takaya Awata, president and chief executive of Toridoll, said both Franco Manca and the Real Greek had potential for "significant future growth" both domestically and internationally.

"We look forward to working closely with Fulham Shore's management and employees as we embark on the next stage of the company's growth," he said.

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.

In 2020, Toridoll and Capdesia entered a joint venture to launch the Marugame Udon brand across Europe, with 10 sites opened since launch in July 2021, and another 25 to follow in 2023-24. Founded in 1990 by Awata, Toridoll aims to have over 5,500 stores worldwide.