The Fulham Shore Plc’s majority of Franco Manca restaurants reopen

The Fulham Shore Plc (LON: FUL) has released its trading update and proposed equity fundraise to raise £2.25 million.

  • The company has reported that the majority of Franco Manca restaurants (49 of 51) and The Real Greek restaurants (14 of 18) have now re-opened.
  • Due to social distancing requirements, the Board estimates that re-opened restaurants can operate at approximately 60 to 70 per cent of their previous dine-in capacity.
  • The company has though effected cost-saving measures which includes rent reductions, deferrals and waivers negotiated with many landlords. Constructive dialogue with others is ongoing.
  • The company has also informed about the revision, and extension of existing RCF and new CLBIL facility provides the company with £25.75 million of debt facilities. The proposed equity fundraise of £2.25 million at a price of 6.25 pence per share.
  • On 6August 2020, at the time of writing, GMT 10:11 AM, FUL shares were trading at GBX 6.25, up by 0.12 points or 2.04% against the previous day closing price.

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