REG - Tasty PLC - Repayment of Bank Facility

TastyAnnouncement

23/06/2022 16:15

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RNS Number : 0218Q  Tasty PLC  23 June 2022

23 June 2022

Tasty plc

("Tasty" or the "Company")

 

Repayment of Bank Facility

 

Tasty (AIM: TAST), the owner and operator of restaurants in the casual dining
sector, is pleased to announce that, due to strong cashflow and a healthy net
cash balance, the Board has taken the decision to repay, in full, the
Company's £1.25 million four year term loan (the "Facility") from its
existing bankers, Barclays Bank plc.

 

The Facility was taken out in September 2020 in light of the continued
economic uncertainty and the impact of COVID-19 related restrictions at that
time, in order to strengthen the Company's balance sheet and provide
additional working capital support. The Facility, not ultimately required by
the Company, has a capital repayment holiday of 12 months and carries
interest at a rate of 4.5% per annum over the Bank of England Base Rate,
following draw down.

 

The Company has now repaid the amount outstanding under the Facility of £1.1
million in full and has subsequently cancelled the Facility, leaving the Group
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.

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. The Board is progressing this
strategy and has one new site under offer and is currently negotiating on
three others.

 

 

For further information, please contact:

 Tasty plc                                                  Tel: 020 7637 1166
 Jonny Plant, Chief Executive

 Cenkos Securities plc (Nominated adviser and broker)
 Katy Birkin / Mark Connelly                                Tel: 020 7397 8900

 

 

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