Tasty, the operator of Wildwood restaurants, has raised £3.25m through a new share placing after all resolutions were passed by shareholders at its General Meeting yesterday.
In April, Tasty announced a conditional firm placing and open offer to raise up to £3.25m in funding, in order to pay down debt and for use as general working capital.
More than 81,000 placing and open offer shares have now been issued and allotted, conditional only on Admission becoming effective – which is due to take place this morning.
Speaking on the plans last month, Keith Lassman, Chairman of Tasty, said “This is an important fundraise for Tasty as it will enable us to continue our strategic plans with vigour.”
Tasty currently owns and operates 57 restaurants in the casual dining sector – 51 Wildwood and 6 Dim T.
The business saw revenue fall in the full year to 30 December 2018, from £50.3m in 2017, to £47.3m, while adjusted EBITDA was £1.6m (2007: £3.5m). It put the reduction in both principally down to the closure of sites and like-for-like revenue decline.
The Board’s expectation is that there will be no significant improvement in 2019, therefore it intends to focus on sales and cost control to ensure the impact of the challenging economic climate is minimised and has no plans to open further new sites in 2019, making further disposals if appropriate.
