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Franco Manca owner Fulham Shore to miss expectations
23rd Mar 2020 11:13
(Sharecast News) - Fulham Shore said it would miss expectations for full-year profit as the owner of the Franco Manca and Real Greek restaurant chains suffers the impact of the coronavirus crisis.
The company said most of its outlets closed on 20 March in response to the government's shutdown of restaurants, pubs and other venues. Some sites are open for delivery and take away services.
"Until recently we were on target to meet or slightly exceed market expectations for the current financial yea," the company said.. "Due to decelerating trading in February and March from the impact of Covid-19, we now anticipate that we will marginally undershoot those expectations."
Fulham Shore said it was cutting all its costs to a minimum, including property and staff expenses. The company said it would probably benefit from the government's business rates holiday and measures to protect wages of workers when they come through. It has cut all but essential capital spending.
"We are working with our many partners, landlords, HM Revenue and Customs and our staff to reduce our outgoings to the basic minimum as we note much of the UK government's business support plans will not pay out for some weeks yet," the company said. "Our lenders are supportive and we have sufficient undrawn facilities available to manage the business through any anticipated period of closure."
The company said most of its outlets closed on 20 March in response to the government's shutdown of restaurants, pubs and other venues. Some sites are open for delivery and take away services.
"Until recently we were on target to meet or slightly exceed market expectations for the current financial yea," the company said.. "Due to decelerating trading in February and March from the impact of Covid-19, we now anticipate that we will marginally undershoot those expectations."
Fulham Shore said it was cutting all its costs to a minimum, including property and staff expenses. The company said it would probably benefit from the government's business rates holiday and measures to protect wages of workers when they come through. It has cut all but essential capital spending.
"We are working with our many partners, landlords, HM Revenue and Customs and our staff to reduce our outgoings to the basic minimum as we note much of the UK government's business support plans will not pay out for some weeks yet," the company said. "Our lenders are supportive and we have sufficient undrawn facilities available to manage the business through any anticipated period of closure."