Fulham Shore successfully raises £2.25 million as it battles coronavirus crisis

Franco Manca owner Fulham Shore has successfully raised £2.25 million.

David Page, chairman who bought into the fundraise, said: “We are pleased to have concluded the fundraise, which was oversubscribed, at a premium to the previous day’s closing share price. This raise, along with our new bank facilities, places us on a sound financial footing."

The pizza purveyor has also reopened 49 of its 51 restaurants since lockdown, which hammered the casual dining sector as customers stayed indoors.

It has been another tough week for the restaurant sector as Italian chain chain Pizza Express said this week it is closing 67 restaurants and put itself up for sale.

The sale comes as Pizza Express brought in restructuring experts to help deal with £735 million of debts. It will also sell its business in China.

The 55-year-old company, is currently owned by Chinese private equity firm Hony Capital.