The group, whose portfolio consists of the Wildwood and Dim-T restaurant brands, has reached a full and final settlement with its insurer for £2.5m (£1.5m, net of creditor costs and legal costs) in relation to a claim for breach of a contract for insurance for losses arising in 2020.
Tasty said the settlement sum is payable to the company within 21 days.
In a trading update, Tasty described the first half of 2024 as a period of “significant change” for the group, with the reshaping of the estate and wholesale changes to its operating structure.
The group announced in June last year that it had received approval from its creditors and landlords to carry out restructuring plans.
They included exiting around 20 loss-making sites in a bid to return to profitability and secure its long-term future.
Tasty said trading in the second half continued to be challenging, and in particular, the key December period was ‘disappointing’.
“In these uncertain times, the board is maintaining a cautious outlook,” the update said.
A further trading update will be made in mid-January for the year ended 31 December 2024.
