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Tasty losses deepen, in talks with landlords
StockMarketWire.com
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Restaurant operator Tasty swung to a deeper first-half loss after the pandemic hammered sales, while warning of more pain from further UK lockdowns.
Tasty said it continued to negotiate with landlords and had secured a loan facility of £1.25 million, which could be drawn down until 7 February.
'However, drawdown is restricted until the future of the group is assured through restaurant closures and creditor arrangements,' it said.
Pre-tax losses for the six months through 28 June amounted to £10.9 million, compared to losses of £0.9 million year-on-year.
Revenue tumbled 59% to £8.7 million after the company shuttered its outlets in March to comply with a national lockdown.
It started reopening them in May for takeaway only, then opened some stores for eat-in services from 4 July.
Currently, Tasty had 48 restaurants open for eat-in, while six remained closed with no immediate plans to reopen them. Another one was currently closed due to restrictions in Wales.
'The reduced estate and social distancing measures have impacted capacity and sales; however, the full financial impact on the year cannot currently be quantified due to the changing and uncertain threat of Covid-19,' Tasty said.
'Whilst the government lockdown measures introduced in March have been gradually eased across the UK, the risk of local outbreaks and further local lockdowns continues as witnessed in Leicestershire, Greater Manchester, Aberdeen, Liverpool, Wales and Northern Ireland.'
At 8:06am: (LON:TAST) Tasty PLC share price was -0.2p at 1.3p
Story provided by StockMarketWire.com
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