The deal will see the Franco Manca and Real Greek operator come under the ownership of Bidco, a newly incorporated company established on behalf of Toridoll for the purposes of the acquisition.
Fulham Shore’s board members have voted unanimously to approve the takeover and put it to a vote by shareholders.
Founded in 1990, Toridoll is a global food company listed on the Tokyo Stock Exchange with c.£1bn consolidated net sales and a current market capitalisation of approximately £1.5bn. Its current European portfolio includes the Marugame Udon, Shoryu and Wok to Walk brands, all of which it operates in the UK in partnership with private equity firm Capdesia.
Toridoll and Capdesia have agreed to partner on the acquisition of Fulham Shore with the intention to grow the Franco Manca and The Real Greek brands across the UK and internationally.
Fulham Shore currently operates an estate of 97 sites in the UK across its two restaurant brands.
“We are proud of the significant progress that Fulham Shore has made since it was founded in 2012,” says David Page, executive chairman of Fulham Shore.
“We are proud of our two brands, Franco Manca and The Real Greek, and the growth we have delivered for Fulham Shore.
“Whilst we remain excited about the prospects for the business on a standalone basis, we have been in discussions with both Toridoll and Capdesia and received a proposal that we believe is compelling for all of our stakeholders. We believe Toridoll and Capdesia’s experience in successfully building restaurant businesses and their long-term vision for Fulham Shore, will enable Fulham Shore to fulfil its long-term potential.
“Having carefully considered the range of options available to Fulham Shore, including the terms of the proposed acquisition, the independent Fulham Shore directors have concluded that the acquisition, which offers certainty of cash value to Fulham Shore shareholders, is in the best interests of Fulham Shore, its shareholders and wider stakeholders, and as such are unanimously recommending the acquisition to shareholders.”
Fulham Shore’s non‐executive directors, Martin Chapman, Des Gunewardena and Nick Donaldson, have agreed to resign from their positions upon completion of the acquisition, which is expected by the end of May 2023.
At that time, it is understood that dealings in Fulham Shore shares on the London Stock Exchange will be suspended.
”Fulham Shore has two exciting and fast growing brands that are aligned with Toridoll’s slogan of ‘filling our planet with dining experiences that will move you’,” says
“We are confident that both have the potential for significant future growth, domestically and internationally. Together with the strength of these brands and our partnership with restaurant sector specialist fund Capdesia, we have the opportunity to leverage our combined expertise and significant resources to accelerate their growth even further.
“We look forward to working closely with Fulham Shore’s management and employees as we embark on the next stage of the company's growth.”
