Franco Manca, the beloved pizza chain known for its sourdough pizzas, has confirmed that its Lincoln venue on High Street will be closing, along with 15 other locations across the UK. This announcement was made following the approval of a restructuring plan by creditors, as reported by Lincolnshire Live.
The decision to close these restaurants comes as part of a company voluntary arrangement process initiated by Franco Manca’s parent company, The Fulham Shore. This move aims to address the financial challenges the brand has been facing, including what they describe as "disproportionately high" taxes in the UK and a lack of business rates relief for eateries.
Unfortunately, the closure of the Lincoln restaurant will also result in the loss of jobs, with a total of 225 positions affected by this restructuring. Franco Manca currently operates around 70 restaurants, but company leaders have indicated that certain locations have become "no longer sustainable" under the current economic conditions.
Franco Manca's proposal to close these sites received overwhelming support from creditors, with more than 90 percent voting in favor. Marcel Khan, the chief executive of Fulham Shore, expressed gratitude for the support from creditors and emphasized the brand's strong heritage and loyal customer base. He stated, "With this agreement in place, we will put the business back on a firm footing and press ahead with strengthening our customer offer and performance."
In addition to Franco Manca, The Fulham Shore has also placed its sister brand, The Real Greek, into administration, leading to the closure of nine of its 28 locations. Despite these challenges, The Real Greek was quickly acquired by the Karali Group, which operates Cote restaurants.
Paul Berkovi, managing director of Alvarez & Marsal, highlighted the significance of the creditors' support, noting that the vote reflects constructive engagement among stakeholders. He described the restructuring as an important step for Franco Manca, enabling the business to complete its financial restructuring and prepare for operational transformation.
As Lincoln residents come to terms with the news of the High Street closure, the local dining scene may feel the impact of this decision. The list of locations set to close includes popular areas such as Battersea, Brixton, and Glasgow, alongside Lincoln.
As the community reflects on this change, many may wonder what it means for the future of dining options in Lincoln. Will this closure affect your dining habits, or are there other local eateries you’re excited to support?