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Wildwood owner cuts headcount by a third, explores financing options

Wildwood Peterborough

The owner of the Wildwood and Dim T restaurant brands said it is exploring ways to minimise costs and strengthen its balance sheet after laying off a third of its staff.

Tasty Plc said it would investigate the possibility of new debt or equity capital, as well as discussing terms with landlords and trade creditors as it seeks to recover from the economic impact of Covid-19.

The 57-strong company expects to have 25 units fully open for trading by mid-July but given the anticipated drop in footfall due to the continuing restrictions imposed as a result of Covid-19 it has had to make cuts across the board.

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Some 284 staff members, which represent approximately 32% of its total workforce, have been made redundant across its restaurants and head office.

“The board has come to the difficult decision that staff numbers need to be reduced accordingly. Clearly, this decision has been very difficult for everyone involved and throughout this process our priority has been to support those that have been affected,” it stated.

A year ago, Tasty secured £3.25m in funds through share placing.

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Tags : Dim tRestaurantsTasty PlcWildwood
Andrew Seymour

The author Andrew Seymour

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