TAST Tasty Plc

TIDMTAST

RNS Number : 0220S

Tasty PLC

03 July 2020

3 July 2020

Tasty plc

("Tasty" or the "Company")

Statement re redundancies

Further to the Company's announcement on 26 June 2020 regarding the phased opening of a limited number of sites over the next few weeks, given the anticipated drop in footfall due to the continuing restrictions imposed as a result of COVID-19, the Board has come to the difficult decision that staff numbers need to be reduced accordingly. Consequently, some 284 staff members (representing approximately 32 per cent. of the total workforce) have been made redundant across our restaurants and Head Office. 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.

The board of directors is exploring ways to minimise costs and to strengthen the balance sheet including investigating the possibility of new debt and / or equity capital and also discussing terms with landlords and trade creditors. Further announcements will be made as and when 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      Tel: 020 7397 8900 
  MacRitchie 
 

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.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

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