Tasty, the operator of the Dim T and Wildwood chain of restaurants, has reported a loss of £2.08m after a £1.85m writedown of the group’s estate.
Unveiling its preliminary results for the full-year to 27 December 2009 the company, which is led by chief executive Johnny Plant, said it had experienced a 15 per cent improvement in revenue to £9.18m, despite the “adverse economic climate”.
The operating loss excluding pre-opening costs and non-trading items was £84,000 – down from £221,000 the year before.
The group now has 11 restaurants in operation – eight Dim Ts and three Wildwoods. Its Maidstone unit was re-branded as a Wildwood and re-opened in April and in June a new Wildwood was opened in Hornchurch.
It has also just exchanged contracts for a new unit in Chelmsford which is expected to open in August 2010.
Keith Lassman, the company’s chairman, said of the writedown: “The impairments arise as a result of the board's detailed evaluation of all units in order to ensure that each unit is shown in the group's accounts at a conservative book value having regard to both capital and economic value considerations, particularly in the current prevailing economic market.”
He added that 2009 had been a year of consolidation but tight control of margins meant the company was in good shape to tackle the coming year.
Martyn Leek is news editor of BigHospitality sister title M&C Report