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Fulham Shore exploring possible restructuring of The Real Greek chain
(Sharecast News) - Fulham Shore, the owner of The Real Greek restaurant chain, is considering a formal restructuring of the business, according to reports in Sky News on Thursday. According to Sky's city editor Mark Kleinman, Fulham Shore is looking at whether to use a company voluntary arrangement (CVA) for the chain, which operates 26 restaurants across London, Manchester, Edinburgh, Glasgow, Liverpool and the South.
A CVA allows insolvent companies to pay their creditors over a fixed period while continuing to trade - if agreed to by creditors.
No decisions have been made as of yet, though a number of other options are reportedly being discussed.
Last month, Fulham Shore announced that it was exploring a possible sale of its other division, Franco Manca, the pizza chain founded in 2008 that now operates from 70 restaurants across the UK.
The holding company's chief executive Marcel Khan said in an interview with trade publication Propel in February that sales of both chains were "relatively robust", but challenging economics were putting pressure on parts of the casual dining sector.
He acknowledged at the time that advisers Alvarez & Marsal were undertaking strategic reviews of both brands, and that any decisions would have a "clear focus on long-term value creation and sustainability".
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