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Tasty to open 86% of restaurant estate this month; eyeing equity or debt raising

By BFN News | 07:52 AM | Tuesday 18 August, 2020

Restaurant owner Tasty said it expected have about 86% of its estate opened in August, had almost completed a 30% headcount reduction and was continuing to mull a possible equity or debt raising. The company said 48 sites were anticipated to be open this month. Most of the remaining restaurants were not planned to re-open for the foreseeable future, while some that were currently open may need to close again should they not reach expected trading levels. 'The board confirms that the process of significantly reducing the workforce by more than 30% is substantially complete,' Tasty said. It added that it had experienced a positive level of sales this month to date. Sales, it said, had been temporarily supported by the increase in people staying in the UK this summer, government initiatives and pent up demand following the relaxation of lockdown restrictions since March. At the same time, Tasty said it expected future trading to remain challenging. 'The board remains extremely cautious regarding trading in September and is continuing to explore ways to minimise costs and to strengthen the balance sheet including the possibility of new debt and/or equity capital,' the company said. 'Discussions are also continuing with landlords and trade creditors to reduce current and future liabilities.' Story provided by

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