Tasty, which operates Wildwood and Dim T restaurants, has decided to repay, in full, the company’s £1.25m loan with existing bankers Barclays.

The facility was taken out in September 2020, with a four-year term, in the face of continued economic uncertainty and the impact of Covid-related restrictions at that time.

But due to Tasty’s current strong cashflow and a healthy net cash balance, and the fact the facility was “ultimately not required”, the board has taken the decision to pay it off early.

The company has repaid the outstanding balance of £1.1m and cancelled the facility, leaving it with a net cash balance of approximately £8.6 million and no debt.

There will be an annualised cost saving of approximately £57,000 (calculated at today’s rates) through repayment, with no early repayment penalty, it said.

The board believes that, with its current net cash and future cashflow, it will have sufficient funds to weather the prevailing economic uncertainties and cost pressures and also satisfy its measured expansion plans for a pipeline of up to five to six new units in 2022.

Tasty currently has one new site under offer and is negotiating on three others.

Earlier this week the restaurant operator announced that Harald Samúelsson, currently an independent non-executive director of the company, will become an executive director of the company with responsibility for food and operational support, with immediate effect.

It has appointed Wendy Dixon as a new independent non-executive director, also with immediate effect.