Tasty announces closure of 18 branches
A family restaurant chain owner, Tasty, has revealed plans to close 18 branches as part of a major restructuring initiative. The company, which operates Wildwood and Dim T locations, aims to exit around 20 loss-making restaurants after facing a challenging start to the year.
Locations at risk
The list of Wildwood sites at risk includes establishments in various cities such as Epping, Bournemouth, and Plymouth, among others. Additionally, Dim T sites in London and Hampshire are also affected by the closures.
Financial outlook
Tasty plans to enter a new £750,000 loan agreement with Bet365 shareholder Will Roseff to fund the restructuring, with expectations to improve earnings by up to £2.1 million by 2025. The company anticipates confirming revenues of around £46.9 million for 2023 and has seen a reduction in earnings loss compared to the previous year.
Industry challenges
The hospitality industry as a whole has been facing difficulties, with various food and drink chains struggling due to the impact of the pandemic, rising energy bills, and inflation. Papa Johns, Wetherspoons, Frankie & Benny’s, Byron Burger, Prezzo, and other well-known brands have also been forced to close branches or adjust expansion plans in response to these challenges.
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