Franco Manca to Close 16 Restaurants After Creditors Approve Restructuring Plan

Franco Manca, the popular pizza chain, is set to close 16 of its restaurants after creditors approved a restructuring plan. The move, which will affect approximately 225 jobs, comes as part of a Company Voluntary Arrangement (CVA) initiated by its parent company, The Fulham Shore.

Background of the Closures

Last month, Fulham Shore announced its intention to close the sites, citing a challenging trading environment. The company pointed to "disproportionately high" UK taxes and the absence of business rates relief for restaurants as key factors behind the decision. Prior to the closures, Franco Manca operated 70 restaurants across the country.

The affected venues were deemed "no longer sustainable" under current conditions. The CVA proposal received overwhelming support, with over 90% of voting creditors backing the plan.

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Sister Brand Also Affected

In a related development, Fulham Shore placed its sister brand, The Real Greek, into administration last week. The chain was immediately acquired by the Karali Group, owner of Cote, but nine of its 28 restaurants have been closed as part of the deal.

Statements from Leadership

Marcel Khan, chief executive of Fulham Shore, expressed gratitude for creditor support. "Franco Manca is a fantastic brand with a strong heritage and loyal customer base. With this agreement in place, we will put the business back on a firm footing and press ahead with strengthening our customer offer and performance," he said.

Paul Berkovi, managing director of Alvarez & Marsal, added: "Today's vote saw a significant majority of the company's creditors support the CVA, reflecting constructive engagement across stakeholders. Against a challenging backdrop for the sector, this is an important step for Franco Manca, enabling the business to complete its financial restructuring and secure the platform for its operational transformation."