Edison Investment Research - The Fulham Shore (FUL) Fulham Shore - Hungry for more

Report

Edison Investment Research

Kate Heseltine

Fulham Shore - Hungry for more

Fulham Shore has hit the spot with a positive trading update, a forceful endorsement of post-pandemic growth opportunities and confirmation of its own resources and ambition. In the eight weeks to 15 August sales showed impressive resilience (up 8%+ on 2019) despite exposure (almost 25% of sites) to subdued city centres (sales down 41%) as well as continued restrictions in the first half of the period. Increasing site availability and extensive savings in rents and capital costs on COVID-19 fallout look set to return openings to 2019 levels (10 due this year) and in the medium term a step change in estate size (a further 150+ locations across the UK plus international franchising). A cash-generative model with strong finances (£3.5m net cash with £28m headroom) should back this ambition.

31/08/2021 1 EN

Underlying

The Fulham Shore

The Fulham Shore is engaged in the investment within the restaurant and food service sectors in the U.K. As of Mar 26 2017, Co. operated 53 restaurants. This consist of: 14 The Real Greek (www.therealgreek.com); 38 Franco Manca (www.francomanca.co.uk); and one Bukowski Grill. Co. operates within two segments, being the management and operation of The Real Greek restaurants, and the management and operation of Franco Manca restaurants. Co. operates in one geographical segment, being the U.K. Co.'s other segment include the Bukowski Grill franchise.

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GB00B9F8VG44 London Stock Exchange United Kingdom

Provider

Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Analysts

Kate Heseltine

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