Report
Jason Streets ...
  • Mike Foster

Hardman & Co Research: The Fulham Shore (FUL) - November Investor Forum - Restaurant platform ready for take-off

Fulham Shore has two restaurant brands that are honed and proven in the sector.
There is an opportunity to expand the estate to nearly three times its size in the
post-pandemic era. Competition has been reduced, and landlords are more
realistic. There will still be some stresses with costs, but Fulham Shore’s goodvalue menus will stand it in good stead. We believe investors should focus on the
value of a fully rolled-out business, rather than the immediate earnings outlook.
Nonetheless, trading is back to above pre-pandemic levels outside central London,
and the recent trading update indicated strong central London growth of late.
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.

Provider
Hardman & Co
Hardman & Co

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Analysts
Jason Streets

Mike Foster

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