Conflicts, excessive pay, management woes… no, not Patisserie Holdings
Hasn't AIM had enough bad news for the year? Our recent research on restaurant owner and operator The Fulham Shore uncovered yet more potential conflicts of interest and red flags. In the post Patisserie Holdings world in which we live, investors should be increasingly sensitive to a potential lack of focus from senior management, it’s not as if they aren’t being well paid to focus on the job in hand!
Our Premium Research has found multiple red flags in the numbers and history of The Fulham Shore (Aim:FUL), owner and operator of chains including The Real Greek and Franca Manca. This is already a terribly performing business - in the last few years, too many restaurant openings have left it competing with itself and growth (which had previously been largely thanks to acquisitions) has faltered. Management were perhaps lucky that its profit warning in March came on the same day as Conviviality’s and was thus not the worst news on AIM that day! But the many red flags leave us…