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Franco Manca confirms restaurant closures in major restructuring plan
More than 90% of creditors backed the restructuring, which will cut the chain to 54 sites and affect about 225 jobs.
- Franco Manca confirmed it will close 16 UK restaurants after creditors approved a company voluntary arrangement restructuring plan. The sourdough pizza chain, including its Didsbury location in Greater Manchester, will shutter as part of the financial restructuring.
- The pizza chain cited "disproportionately high" UK taxes and a lack of business rates relief for restaurants as key pressures. Franco Manca said the affected venues were "no longer sustainable" as a result of these financial headwinds.
- More than 90% of voting creditors backed the CVA proposal, giving the restructuring the green light to proceed. The closures will impact around 225 jobs across the company's nationwide operations.
- The closures reduce Franco Manca's nationwide footprint from 70 restaurants to 54 locations. Key Manchester sites including Piccadilly Gardens and King Street remain operational.
- Parent firm The Fulham Shore recently placed sister brand The Real Greek into administration last week, with Cote owner Karali Group acquiring 19 of its 28 outlets. The dual restructuring reflects mounting pressures across the UK restaurant sector.
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Full list of all Franco Manca and The Real Greek restaurants closing down
Franco Manca and its sister brand The Real Greek have announced restaurant closures (Photo by Peter Dazeley/Getty Images) Two more iconic restaurant chains will be closing branches in another blow to British high streets. The Real Greek will shut nine of its Mediterranean restaurants across the UK, while trendy pizzeria Franco Manca will be closing 16, nine in London. The Real Greek’s former owner Fulham Shore struck a rescue deal with Côte Bras…
·London, United Kingdom
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Coverage Details
Total News Sources20
Leaning Left6Leaning Right3Center6Last UpdatedBias Distribution40% Left, 40% Center
Bias Distribution
- 40% of the sources lean Left, 40% of the sources are Center
40% Center
L 40%
C 40%
R 20%
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