Franco Manca Shuts 16 UK Restaurants, Blames Taxes & Costs

0:00On April 16th, Franco Manca, the popular pizza chain, is shutting down 16 restaurants across the UK, blaming sky-high taxes and rising costs that are choking the hospitality game. The hit list includes their original Brixton spot from 2008, plus London haunts like Battersea, Broadway Market, Chizwick, and others, with more casualties outside the capital in places like Glasgow, Plymouth, and Sheltonham. Half of these locations got the tough memo, facing job losses amid a tough climate, while the chain started as a single pizzeria bought by founders. Giuseppe Mascoli, and Bridget Hugo, growing big under full-em-sure before Japanese giant Torridol snapped it up for 93.4 million pounds last year. Boss Marcel Khan points the national insurance jumps, minimum wage hikes, and the UK's 20% bat rate as killers, even for spots running, smooth leading to a company voluntary arrangement to restructure and ax the unviable ones.

1:01Revenue dipped 5.4% lately, but their backing affected teams through this and eyeing options for sister chain the real Greek too. Keep the business firing on sustainable tracks moving forward.