(Bloomberg) -- Fulham Shore Plc’s stock soared Wednesday in London after the owner of the Franco Manca pizzeria chain received a takeover offer amid the company’s struggles in a hybrid-working world post Covid.

Shares of the company that also runs The Real Greek rallied a record 33% to 14.00 pence on the cash offer of 14.15 pence from Japanese restaurant group Toridoll Holdings Corp.

Fulham Shore’s board recommended investors back the bid, with Executive Chairman David Page describing the offer as “compelling.” The jump gave Fulham Shore a market capitalization of about 88.9 million pounds ($111 million).

Fulham Shore’s share price had halved since hitting a recent high in 2021. Alongside a jump in the cost of energy, wages and food ingredients, the company has warned of quieter city-center venues, in part due to continued working from home post-pandemic. The Franco Manca chain sells sourdough, Neapolitan-style pizzas.

“The hybrid partial working from home ‘new normal’ continues to change the trading patterns in the group’s restaurants,” Fulham Shore said in a separate statement Wednesday. “In general, transport hub and tourist locations are performing strongly while restaurants near offices have not yet fully returned to pre-pandemic trading levels.” 

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