Wildwood operator Tasty cuts workforce by a third

In an update to the London Stock Exchange, the restaurant operator said the redundancy process was 'substantially complete', adding that it remains 'extremely cautious' regarding trade in September as it continues to explore ways to minimise cost.

The group expects to have up to 48 sites (approximately 86% of its estate) trading by the end of August, having pushed forward with a phased reopening, principally to take advantage of the Chancellor's Eat Out to Help Out discount scheme.

It adds that most of its remaining restaurants are not scheduled to reopen for the foreseeable future; and that some of the already reopened restaurants 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,” it said in a statement to the LSE.

“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.”