Franco Manca and Real Greek operator poised to take advantage of lowering rents

Franco Manco and the Real Greek operator Fulham Shore has said it will continue to take advantage of lowering rents in its expansion of the casual dining brands.

In an update for the first 21 weeks of the financial year, the group said revenues had increased year on year, driven by openings and increased customer numbers for pizza brand Franco Manca.

The heatwave in 2018 had benefited the Real Greek and revenues had been slightly behind last year until recently.

Fulham Shore has opened five Franco Manca sites in the 21 weeks, with its 50th planned for Manchester. The 17th Real Greek is set to open in the Strand, London, taking the group portfolio to 67 restaurants.

A statement published ahead of the group's AGM today read: "We are in negotiations to secure a number of sites for the current and next financial year. As previously announced, we will continue our policy of funding new restaurant openings largely through internally generated cash flow.

"We continue to see more properties coming to the market at ever lower rents as a result of the current conditions in the wider property, retail and dining out sectors, and will continue to take advantage of these as and when is appropriate."