Tasty confirms talks with former PizzaExpress boss and possible funding raise

The restaurant group behind the Wildwood and Dim T chains has confirmed it has held talks with former PizzaExpress boss David Page over the possibility of him joining the business and securing new investment.

Tasty shares fell to a record low in recent weeks following a 21% drop in revenue last year after it closed 16 restaurants.

In an update on Monday, it said it was in talks with Page, the former chairman of Franco Manca owner Fulham Shore, to join the board of the company.

Tasty said it was also “evaluating funding options with a view to investing in future strategic opportunities for the company, which may involve an equity placing”.

It follows a Sky News report which said Page was seeking close to £10m of new funding for Tasty from institutional investors.

The report said a successful deal would see Page installed as executive chairman and the business renamed as Bow Street Group on the London Stock Exchange.

Tasty confirmed it was also in talks with Nicholas Wong, the former finance director of Fulham Shore, who would reportedly join the business as its finance chief if the plan is successful.

“The company will make further announcements as and when appropriate,” Tasty said.

Shares in Tasty surged 54% this morning following the announcement.

Tasty runs 28 Wildwood restaurants and four Dim T sites across the UK.

In a trading update in May, chairman Keith Lassman said the business “did not meet management’s expectations” last year, with like-for-like sales dropping 4.5%.