Report
Jason Streets

The Fulham Shore (Initiation of coverage): Platform ready for take-off

Fulham Shore has two restaurant brands, which are honed and proven in the sector. There is an opportunity to expand the estate to more than double its size in the post-pandemic era. Competition has been reduced and landlords are more realistic. There will still be some stresses due to increasing input costs and consumers’ wallets being squeezed by higher prices, but Fulham Shore’s good-value menus position the company defensively. Trading remains strong. It is currently trading at a discount to its peers and the value of the established platform provides potential further upside.
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

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