Last checked at 23 Mar 2020 07:00
23 March 2020
Tasty plc
("Tasty" or the "Company")
Statement re: Restaurant Closures
Further to the announcement on 20 March 2020 by the UK Government that, inter alia, all pubs, bars and restaurants are required to close in light of health issues associated with COVID-19, the Company confirms that it has closed all of its 56 restaurants for in-store dining for the foreseeable future. The restaurants will remain closed until the Company receives guidance from the UK Government to the effect that restaurants are permitted to re-open.
In the meantime, the Company is offering takeaway and delivery services, where available, until such time as the Government announces that it is prohibited from doing so or the Company decides that it is not viable to continue the services. In addition, free takeaway meals are currently being offered by the Company to NHS and emergency services staff.
The Company will seek to mitigate the revenue loss by implementing cost-cutting measures such as cessation of capital expenditure and seeking preferential terms from landlords and suppliers as well as relying on Government support for employees' pay and VAT and business rate holidays. Concurrently, the Company is taking measures to ensure staff retention where possible.
Given the Company's existing cash position with no debt, the Directors confirm that during the period of shutdown and assuming it is successful in implementing the cost cutting and cash preservation measures referred to above, it has sufficient financial resources for the foreseeable future.
In light of these rapidly changing exceptional events, the Company will make further announcements, as appropriate.
For further information, please contact:
Tasty plc | Tel: 020 7637 1166 |
Jonny Plant, Chief Executive |
|
Cenkos Securities plc (Nominated adviser and broker) |
|
Mark Connelly / Katy Birkin / Cameron MacRitchie | Tel: 020 7397 8900 |
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the EU Market Abuse Regulation (596/2014). Upon the publication of the announcement via a regulatory information service, this information is considered to be in the public domain.