Josper charcoal grill concept Bukowski has entered into a franchise agreement with restaurant operator Fulham Shore to extend its portfolio in London.
Bukowski currently has two restaurants in London at Brixton Market and Shoreditch, but will add a third in Soho through the deal with Fulham Shore.
Fulham Shore already holds a 15-year lease on the site through its wholly owned subsidiary, 10 DAS Limited. Fit-out of the site is expected to commence shortly, with the franchise restaurant expected to open in early 2016. Total fit out costs are expected to be in the region of £500,000.
As part of the terms of the agreement, Fulham Shore will pay Bukowski an upfront franchise fee of £8,500 and an ongoing franchise royalty calculated at the rate of 5% of the restaurant’s revenue. The agreement is for an initial period of three years.
Fulham Shore will be responsible for sourcing and purchasing relevant ingredients and prepared products for the franchise restaurant at an agreed price from Bukowski’s central kitchen.
In addition, through Fulham Shore’s existing supply arrangements with an independent third party, Bukowski’s central kitchen will now prepare and supply certain ingredients to Fulham Shore’s Franco Manca pizza restaurants at an agreed price. It is anticipated that the value of these ingredients will initially be circa £200,000 per annum.
David Page and Nabil Mankarious, both of whom are directors of Fulham Shore, are both significant shareholders in Bukowski Ltd (holding between them 31.6% of Bukowski Ltd’s issued share capital) and Nabil Mankarious is a director of Bukowski Ltd.
Fulham Shore’s restaurant portfolio comprises 26 restaurants made up of nine The Real Greek stores and 17 Franco Manca stores. Fulham Shore has opened one The Real Greek outlet this year and five Franco Manca sites.
David Page, executive chairman of Fulham Shore, commented: “We are thrilled to be opening a Bukowski in Soho. Bukowski sells great breakfasts, burgers, ribs and steak accompanied by delicious beer and wine. This three year franchise agreement will add to Fulham Shore’s exposure to, and knowledge of, the exciting and thriving London restaurant market.”
Bukowski Grill opened in 2011, and was a collaboration between Robin Freeman, ex- head chef at Blacks, the Soho private members club, and Giuseppe Mascoli, Blacks’ former owner and founder of Franco Manca.
Inspired by the American diner, its menu showcases carefully-sourced British produce cooked over charcoal in a Josper oven.