"Franco Manca's parent company, The Fulham Shore, stated that the affected restaurants were 'no longer sustainable', attributing this to 'disproportionately high' UK taxation and the absence of business rates relief for restaurants."
"Industry figures have warned that smaller chains are particularly exposed to cost inflation and the uneven impact of tax relief policies, with several operators warning that further closures could follow across the sector."
"Marcel Khan, chief executive of Fulham Shore, expressed gratitude for creditor support, stating, 'Franco Manca is a fantastic brand with a strong heritage and loyal customer base.'"
Franco Manca plans to close 16 of its restaurants after creditors approved a restructuring plan, risking around 225 jobs. The closures are part of a company voluntary arrangement aimed at stabilizing finances amid rising costs in the hospitality sector. The parent company, The Fulham Shore, cited unsustainable operations due to high UK taxation and lack of business rates relief. The restructuring follows significant upheaval within the group, including the administration of its sister brand, The Real Greek, highlighting challenges faced by mid-market restaurant operators.
Read at London Business News | Londonlovesbusiness.com
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