A restaurant investment company has conditionally agreed to buy the Franco Manca pizza chain for £27.5million.
The chain was founded in Brixton’s Market Row by Giuseppe Mascoli in 2008. It has since expanded to ten restaurants in London.
In 2010, the owners joined up with Rocca Ltd. Fulham Shore PLC, which invests in restaurants, has now conditionally agreed to acquire 99% of the issued share capital of Rocca. Stockmarket Wire reported this morning that the company is paying approximately £27.5m, with £6.2 million in cash and the rest by issuing shares for the company.
The move cements Fulham Shore’s presence in the Brixton food scene. It claims to have investments in Bukowski, Wishbone Brixton, Chillbox and It also owns shares in The Real Greek, MEATLiquor and the Bombay Bicycle Club.
Franco Manca is an enormously popular restaurant in Brixton – we profiled Giuseppe Mascoli here.
Today Mascoli said that he will still be involved in the business and that Fulham Shore intend to keep the restaurants as they are. “I am very happy with how things have turned out,” he said. “It is an experiment but we will still be involved, so we will see.”
“Now we have the opportunity to recover what has been lost along the way with pizzerias in England. They had been completely degenerated by the catering industry, but we are bringing back wood ovens, sour dough, all these kinds of things. What has happened is a good thing.”
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