REG - Tasty PLC - Trading Update

TastyAnnouncement

18/08/2020 07:00

RNS Number : 3807W
  
Tasty PLC
  
18 August 2020
  
 

18 August 2020
Tasty plc
("Tasty" or the "Company")
 
Trading Update
 
Tasty (AIM: TAST), the owner and operator of restaurants in the casual dining sector, announces the following update, further to the announcements made on 26 June and 3 July 2020.
The Board confirms that the process of significantly reducing the workforce by more than 30% is substantially complete.
The phased reopening schedule has continued, principally to take advantage of the Government's 'Eat Out to Help Out' scheme and reduced VAT. The Board expects to have up to 48 sites trading in August, which will represent approximately 86% of the estate. Most of the remaining restaurants are not planned to re-open for the foreseeable future and some of the restaurants which are currently open may need to close again should they not reach expected trading levels.
The Company has experienced a positive level of sales this month to date, 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, however, the Board expects 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. Discussions are also continuing with landlords and trade creditors to reduce current and future liabilities.
Further announcements will be made as and when appropriate.
 
For further information, please contact:



Tasty plc


Tel: 020 7637 1166




Jonny Plant, Chief Executive


















Cenkos Securities plc (Nominated adviser and broker)  








Mark Connelly / Katy Birkin / Cameron MacRitchie


Tel: 020 7397 8900



 
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the EU Market Abuse Regulation (596/2014). Upon the publication of the announcement via a regulatory information service, this information is considered to be in the public domain.


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
  END
 
 
TSTFLFLATRIDLII