A Hove pizza restaurant will close after Franco Manca after a restructuring plan was approved by creditors.
The Hove branch in Church Road is one of 16 being shut down by the pizza chain. Its Brighton branch in Regent Street is not on the list.
Last month, parent firm The Fulham Shore said it planned to shut the sites as part of a company voluntary arrangement (CVA) process, which will also hit around 225 jobs.
The pizza brand currently runs 70 restaurants prior to the closures but said it has been knocked by “disproportionately high” UK taxes and a lack of business rates relief for restaurants.
The effected restaurants were “no longer sustainable” as a result.
Franco Manca’s CVA proposal received back from more than 90% of voting creditors, allowing it to get the go ahead.
Last week, Fulham Shore placed its sister restaurant brand The Real Greek into administration.
It was immediately snapped up by Cote owner Karali Group but announced the close of nine of its 28 restaurants.
Marcel Khan, chief executive of Fulham Shore, said: “We are grateful for the support shown by our creditors today.
“Franco Manca is a fantastic brand with a strong heritage and loyal customer base.
“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.”
Paul Berkovi, managing director of Alvarez & Marsal, said: “Today’s vote saw a significant majority of the company’s creditors support the CVA, reflecting constructive engagement across stakeholders.
“Against a challenging backdrop for the sector, this is an important step for Franco Manca, enabling the business to complete its financial restructuring and secure the platform for its operational transformation.”
As per my previous comment this Labour government is a disgrace for heaping charges onto small businesses and failing to legislate against utility companies turning into racketeers in a cost of living crisis to boast the highest profits they’ve ever had. This government has been a kick in the teeth to hard working individuals and families from start to finish. Where too are the local Chamber of Commerce who used to defend small businesses vigorously and are now deafeningly silent as small businesses close all around them, unsupported?
To think all these restaurants operate in MP Peter Kyle’s neck of the woods – Secretary of State for Business and Trade and President of the Board of Trade. Shameful.
The app was needlessly obscure and the music obtrusive. Puts off repeat business.
Shame, the freehold is owned by the notorious Abdulkhani family. No one wants Emad, Foad and their cronies back, Barcode was a nightmare for local residents!