Dim T and Wildwood operator Tasty sheds one-third of workforce in 'challenging' market

18 August 2020 by
Dim T and Wildwood operator Tasty sheds one-third of workforce in 'challenging' market

Dim T and Wildwood operator Tasty has cut more than over 30% jobs across its estate as it prepares for "challenging" trade going forward.

In a statement filed on the London Stock Exchange this morning chief executive Jonny Plant said: "The board confirms that the process of significantly reducing the workforce by more than 30% is substantially complete."

"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 group anticipates having up to 48 sites trading in August, around 86% of the estate. There are currently no plans to reopen the group's remaining restaurants and those that have opened are under review and may need to close again should they not reach expected trading levels.

The business is taking advantage of the government's Eat Out to Help Out scheme and reduced VAT.

He said the board remained extremely cautious regarding trading in September and was exploring 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.

At the beginning of July the operator announced plans to make 284 members of staff redundant.

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