Franco Manca, a popular pizza chain, is set to shut down 16 out of its 70 restaurants, resulting in the loss of approximately 225 jobs.
The parent company, The Fulham Shore, has received approval from creditors to restructure the business.
Despite operating 70 restaurants before the closures, the chain has been impacted by high UK taxes and the absence of relief on business rates for restaurants.
The affected restaurants were deemed unsustainable due to these challenges.
With the approval of over 90% of voting creditors, Franco Manca’s company voluntary arrangement (CVA) proposal has been given the green light.
Recently, Fulham Shore placed another restaurant brand, The Real Greek, into administration.
Although swiftly acquired by the Karali Group, the brand announced the closure of nine out of its 28 restaurants.
Marcel Khan, the CEO of Fulham Shore, expressed gratitude for the creditor support, emphasizing the strength and loyalty of Franco Manca’s customer base and heritage.
Paul Berkovi, managing director of Alvarez & Marsal, noted the positive outcome of the vote, highlighting the importance of the CVA for Franco Manca’s financial restructuring and operational improvement.
The following locations will be affected by the closures:
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