Tasty to focus on takeaways during month-long closures

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Tasty PLC (LON:TAST) has said it is offering takeaway and delivery services during lockdown while its restaurants are closed for in-store dining.

According to the recent announcement by the UK Government, all pubs, bars and restaurants are required to close to stop the spread of coronavirus (COVID-19) until December 2.

The owner of Wildwood and Dim T restaurants said it will make use of the government’s furlough scheme as well as VAT and business rate holidays.

It is also giving free takeaway meals to NHS workers and children on school holidays.

The AIM-listed firm said it has negotiated rent reductions and lease concessions on a number of sites and continues discussions with landlords and other creditors in respect of outstanding rents, a process anticipated to be completed by the end of November.

According to its interims, released last week, the restaurateur has not made a decision yet regarding a restructuring or potential Company Voluntary Arrangement (CVA), but continues to work with its advisers, KPMG, to assess the potential impact of COVID-19 on its business and the various strategic options.

Even before lockdown, six of its restaurants were facing permanent closures, while in the summer Tasty let go 284 staff members, accounting for 32% of its workforce.

Shares slipped 11% to 1.2p on Friday at the opening bell.

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