Tasty given green light to restructure
Tasty first announced its plans to restructure on 9 April that included exiting around 20 loss-making sites in a bid to return to profitability and secure its long-term future.
It also announced a £750,000 loan agreement with Bet365 shareholder Will Roseff to fund the plans.
The plan was approved yesterday (4 June).
Prior to the announcement, Tasty operated 54 sites: 43 Wildwood restaurants, six Dim-T branded sites, and two non-trading and three sub-let sites.
Following completion of a loan agreement announced on 9 April and the sanction of the restructuring plan, the group currently operates 38 sites.
In April Tasty said it expected to report revenues of £46.9m, compared to £44m in 2022, alongside gross profit of £34.1m, compared to £31.4m in 2022, and an EBITDA loss of approximately £0.9m, for the 53-week period ended 31 December 2023.
It says it expects the loan and restructuring plan to stabilise the company in full-year 2024 and allow it to explore new audiences and concepts next year and beyond.
