"The closures will be carried out through a company voluntary arrangement (CVA), a legal restructuring mechanism that allows firms to shut underperforming sites while attempting to preserve the wider business."
"Even restaurant businesses that are doing all the right things from a customer and operational perspective are not immune to widely publicised pressures impacting the hospitality industry."
"Industry sources said the move reflects broader strain across the UK casual dining market, where higher labour costs, persistent inflation, and elevated property taxes have squeezed margins for mid-market operators."
Franco Manca plans to close approximately 16 restaurants in the UK, putting around 225 jobs at risk. The parent company, The Fulham Shore, cites unsustainable sites due to high UK taxation and lack of business rates relief. The closures will occur through a company voluntary arrangement (CVA) to preserve the wider business. The restructuring follows a strategic review, and uncertainty remains for staff and landlords. The move reflects broader challenges in the UK casual dining market, with rising costs squeezing margins for operators.
Read at London Business News | Londonlovesbusiness.com
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