Fulham Shore owner Toridoll Holdings has warned The Real Greek and Franco Manca operator could close ‘a substantial number of underperforming sites’ as it struggles with a ‘sluggish restaurant market’.
Filings published by the Japanese food conglomerate, which acquired Fulham Shore for £93.4m in June 2024, to the Tokyo Stock Exchange earlier this month state that the group is ‘examining a wide range of restructuring options in order to strengthen the business amid ongoing soft market conditions’.
The comments were published ahead of last week’s revelations that Fulham Shore had appointed advisors from Alvarez & Marsal to review its strategic options.
Toridoll’s results covering April to December 2025 (Q1 to Q3 of FY26) shows Fulham Shores revenue as being down 5.4% year-on-year.
Under business performance, both sales and profit for the group were marked as ‘bad’.
“Although the UK economy is gradually recovering, the restaurant sector continues to lag, and sales for both brands are recovering more slowly than planned,” the filings state.
It adds that pilot stores that have implemented new initiatives have shown ‘early improvements in both sales and profitability’.
“The Group is examining a wide range of restructuring options — including the potential closure of a substantial number of underperforming stores — in order to strengthen the business amid ongoing soft market conditions.”
Tough trading conditions
As reported last week, the review into Fulham Shore may result in a restructure or a sale of all or part of the company.
The group said there is no fixed timeline or outcome at this stage, adding that a challenging trading environment has affected operators across the sector.
CEO Marcel Khan said the review will help ensure both brands are ‘on the strongest possible footing to realise their long-term potential’.
“While sales performance across Franco Manca and The Real Greek remains relatively robust, the current macroeconomic environment continues to place pressure on parts of the casual dining sector,” Khan said in a statement.
“Against this backdrop, Fulham Shore has appointed Alvarez & Marsal to undertake a thorough review of strategic options to ensure both brands are on the strongest possible footing to realise their long-term potential.
“There is no fixed timetable for this review, and no certainty that it will result in any particular outcome. Any decisions will be taken carefully, with a clear focus on long-term value creation and sustainability.”
Fulham Shore operates 70 sites under the Franco Manca brand and a further 28 under The Real Greek.