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Fulham Shore: more questionable director transactions

16/07/2019 · Fulham Shore (FUL) 

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Franco Manca pizza restaurant exterior

Results from the owner of the Franco Manca and The Real Greek restaurant chains were accompanied by yet another questionable transaction with the directors. We continue to question this company’s governance.


Headline numbers from Fulham Shore (LON: FUL) for the year ending 31 March 2019 highlighted revenue growth of 17% to £64m. Management commented that this was primarily driven by good trading in the company's existing restaurant estate. But it should be noted that four new pizzeria were opened during the year out of a period-end total of 43 Franca Manca restaurants, suggesting new openings were a major contributor. Unfortunately, the results statement fails to clarify what the new openings contributed to this overall growth.

A lower note (for those willing to read more than the headline numbers and embarrassingly boastful opening statement) also reveals that the year ending 31 March 2019 comprised 53 full weeks of trading compared to the previous 52 week financial year, offering another small boost to sales.

We have alluded to multiple red flags and conflicts of interest in previous ARTICLES and the latest update from the company has brought yet more controversy. The company announced that it…

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