Tasty Group - Case Update

UK casual dining restaurant group Tasty (AIM: TAST) has secured Court sanction of its Part 26A restructuring plan, making it the first AIM-listed company to successfully secure a restructuring plan.

The London-headquartered restaurant group operates the Wildwood and Dim T brands. As of 2023, it had grown to hold 54 sites (52 of which were operational) with further plans for expansion.

However, in April 2024, Tasty announced that it would be pursuing a restructuring plan due to difficult trading conditions, including the cost of living crisis, interest rate rises and lower trading performance at certain sites. The restructuring plan contemplated the exit of leases at certain unprofitable sites and was considered the best chance at returning the group to profitability and securing its long-term future.

Now, the Court has sanctioned the plan, which will see Tasty continue operating from a reduced 37 sites. More than 700 jobs have been saved.

The company was supported by a team from FRP Advisory (led by restructuring advisory partner Phil Reynolds). Legal support was provided by a team from Shoosmiths (led by corporate restructuring and advisory partner Sarah Teal) and Matthew Weaver KC of Radcliffe Chambers.

Details of the restructuring plan can be found HERE and HERE.