Franco Manca to shut 16 restaurants with 225 jobs at risk

(Sharecast News) - UK pizza chain Franco Manca is closing around 16 of its restaurants, putting 225 jobs at risk, as part of a major restructure.

Parent group The Fulham Shore said it was implementing a company voluntary arrangement (CVA), stating a "minority of its sites" were "no longer sustainable". It comes two months after advisers were commissioned to look at strategic options including a potential sale or a restructure.

Specific locations among Franco Manca's roughly 70 outlets were not yet been disclosed. The company blamed a rise in the minimum wage and higher business rates for the decision.

Fulham Shore was bought by Japanese restaurant group Toridoll, with backing from investment firm Capdesia, in 2023 for £93.4m.

Reporting by Frank Prenesti for Sharecast.com