TIDMTAST
RNS Number : 3587G
Tasty PLC
17 March 2020
17 March 2020
Tasty plc
("Tasty" or the "Company")
Preliminary results for the 52 weeks ended 29 December 2019
Financial Highlights:
-- Revenue down 6% to GBP44.6m (2018: GBP47.3m), mainly due to closure of sites.
-- The Company generated adjusted EBITDA of GBP1.1m (2018: GBP1.6m).
-- The Company sold three sites and sub-let two sites in 2019.
Post year end, the Company sold one further site.
-- The Group continues to review the estate but no further
disposals in 2020 are currently planned.
-- Post year end, outstanding bank debt of GBP1.7m was repaid in full in January 2020.
-- GBP2.9m net cash (2018: GBP2.1m net debt ).
Enquiries:
Tasty plc Tel: 020 7637 1166
Jonny Plant, Chief Executive
Cenkos Securities (Nominated advisor and broker) Tel: 020 7397
8900
Mark Connelly / Katy Birkin
This announcement contains the preliminary results of the
Company which are an extract of the fully audited accounts.
Chairman's statement
I am pleased to be reporting on the Group's annual results for
the 52 week period ended 29 December 2019 and the comparative 52
week period ended 30 December 2018. The Group currently operates 56
restaurants, comprising 5 dim t and 51 Wildwood restaurants.
In May 2019 we successfully raised GBP3.25m through an
institutional placing and open offer to existing shareholders and
since the start of 2019, we have also received gross proceeds of
GBP2.6m through asset sales. As announced in January 2020,
following the sale of our dim t More London site, we were able to
fully pay off our bank loan (GBP1.7m was outstanding at year-end
(2018: GBP6.4m)). With no bank debt the Group is now in a strong
position to invest free cash-flow back into the business.
2019 continued to be a challenging year for the casual dining
and retail markets and the Group's priority was to achieve
financial stability and stem the sales decline. This included;
optimising the current estate, turning around underperforming
sites, improving the customer experience and investing in our
people. Over the next year we plan to refurbish a few sites and
refresh some of the older restaurants in the estate. All
underperforming sites remain under close review but there are
currently no plans to dispose of any existing restaurants or to
open any new sites in 2020.
In the first half of 2019 the Group experienced particularly
difficult trading conditions which were impacted by the uncertainty
of Brexit and the political environment. Since the General Election
in December to date, we have witnessed a recovery in consumer
confidence. Trading over the Christmas period was positive and
ensured that we delivered an adjusted EBITDA in line with our
expectations. Notwithstanding the Coronavirus (COVID-19) outbreak,
the start of 2020 has continued to be encouraging. However, the
full impact of Brexit remains unclear. The likely upward pressure
on food cost and the reduction in the supply of labour and the
availability of certain food items all remain a concern to the
business. Whilst we have measures in place to reduce the
anticipated impact of Brexit or COVID-19 issues, it is impossible
to mitigate all potential risks but we are constantly monitoring
the situation Despite all the challenges we faced during 2019 we
were cash generative and achieved our expected results.
With our continued focus on enhancing the food offering and
customer experience, we believe that both brands will remain
relevant and we should be well placed to take advantage of any
opportunities in the casual dining market as consumer confidence
improves.
Once again, I would like to recognise our great team and thank
them for their continued effort and support and for helping us to
overcome the issues encountered throughout these testing times.
Dividend
The Board does not propose to recommend a dividend (2018:
GBPnil).
Keith Lassman
Chairman
16 March 2020
Strategic report for the 52 weeks ended 29 December 2019
Tasty operates two concepts in the casual dining market:
Wildwood and dim t.
Wildwood
Aimed at a wide market, our 'Pizza, Pasta, Grill' restaurant
remains the Group's main focus. Our sites are primarily based on
the high street. However, we have a number of leisure, retail and
tourist locations which trade well, highlighting the broad appeal
and scalability of the offering. Located nationally mainly outside
of London, Wildwood is currently trading from 51 restaurants.
dim t
Our pan-Asian restaurant now trades from 5 sites, serving a wide
range of dishes including, dim sum, noodles, soup and curry.
Business review
We continue to make progress on our key strategies and have
undertaken various initiatives to, optimise the estate, improve the
food and drink offering, customer engagement and our people
development.
Optimise the estate
We have addressed optimising the estate in two key ways.
Firstly, we have disposed of sites which were underperforming, not
trading or have attracted considerable premiums. The following
sites have been disposed of since 31 December 2018:
Cobham Wildwood
On 8 January 2019 this unit was sold as a going concern for a
consideration of GBP0.35m to the landlord of the site.
South Woodford Wildwood
On 31 January 2019 this was assigned for a total consideration
of GBP0.15m.
Tunbridge Wells
This site was previously sub-let to Cau which went into
administration and was sub-let to a new tenant on 6 March 2019 for
a consideration of GBP0.05m.
Worcester Park Wildwood
On 28 March 2019 this site was assigned for a total
consideration of GBP0.035m.
More London Dim t
On 7 January 2020 this site was assigned for a total
consideration of GBP2m.
In addition, in 2019, we sub-let a site in Highgate which had
operated as a test brand called "Centuno" but which had been closed
prior to the sale.
The Group continues to review the estate and will consider any
appropriate offers but no further disposals in 2020 are currently
planned.
In addition to site disposals we engaged with our landlord's for
assistance. Our collaborative approach has been well received and
generally we have found landlords to be supportive and cooperative.
We have been successful in achieving rent reductions and lease
concessions on a number of sites.
Food and drink proposition
We remain focused on offering a wide choice to our customers. We
continue to offer seasonal specials and are constantly looking at
ways of making the menu more exciting and broadening its appeal,
including the launch of specific vegetarian, vegan and non-gluten
menus. Since trialling the "Beyond Meat" plant-based vegan burger
as part of our specials' menu it has now been introduced onto our
main menu.
In Wildwood we offered four turkey-based dishes including a
roast dinner which proved to be popular and we believe a better
choice and more competitively priced Christmas menu than our
competitors was one of the key reasons we performed well over the
period.
Customer engagement
Our aspiration is to be the high street brand with highest
standard of customer service in the casual dining sector. We have
been using a number of tools to help us measure this including;
mystery diner reports, online customer feedback and Trip Advisor
scores. We use data from all these reviews to improve the overall
customer experience and enjoyment.
People Development
We know that our people are integral to our business and we are
committed to providing an engaging, open and honest environment for
our teams. We believe in nurturing talent and are committed to
training. We are running our apprenticeship scheme which was
launched in 2017 and expect 25 to 30 learners to achieve a pass or
distinction this year. Some of the modules run as part of the
apprenticeship scheme have been extended to the wider workforce and
this scheme we will allow us to develop our best employees and
engender a loyal and motivated group who will be able to push the
business forward.
In 2019 we granted share options to a number of employees, which
we believe will improve retention and over the longer-term will
allow our employees to financially benefit from their hard work and
the growth of the business.
Current trading and Outlook for the coming year
Following a positive Christmas trading period, the start to 2020
has generally been encouraging. The Group is planning a modest
investment in the existing estate and the infrastructure of the
business to sustain its recovery. We continue to monitor closely
the rapidly evolving COVID-19 outbreak with its attendant risks to
the business and will make further announcements as and when
appropriate. Despite the challenging and uncertain trading
environment we hope 2020 will be a year in which trading will
continue to improve.
Highlighted Items
The Group recognises a number of charges in the accounts which
arise under accounting rules which have no cash impact. These
charges include share-based payments and impairments to property,
plant and equipment. The above items are included under
'highlighted items' on the statement of comprehensive income and
further detailed in Note 5. These items, due to their nature, will
fluctuate significantly year on year and are, therefore,
highlighted to give more detail on the Group's trading
performance.
Full year results and key performance indicators
The Directors continue to use a number of performance metrics to
manage the business but, as with most businesses, the focus on the
income statement at the top level is on sales, EBITDA before
highlighted items and operating loss before highlighted items
compared to previous year. All key performance indicators that
adjust for highlighted items do not constitute Statutory or GAAP
measures.
52 weeks ended 52 weeks ended
29 December 30 December
2019 2018
------------------------------------- ---------------- ----------------
Revenue GBP44.57m GBP47.28m
Cost of sales (GBP43.92m) (GBP46.55m)
Gross profit GBP0.65m GBP0.73m
Other income GBP0.24m GBP0.18m
Administrative costs (GBP1.40m) (GBP1.28m)
EBITDA before highlighted items GBP1.06m GBP1.58m
Operating profit before highlighted (GBP0.50m) (GBP0.37m)
items
These figures are reconciled to the Statement of Comprehensive
Income below.
Revenue for the period decreased 6% on last year to GBP44.6m
(2018: GBP47.3m). This was mainly due to the closure of sites and
partly due to like-for-like decline. EBITDA before highlighted
items was GBP1.1m (2018: GBP1.6m). Pressure on food cost and labour
inflation continued and impacted gross margins. Some of this was
improved by rent negotiations.
Impairment provision for the year was GBPnil (2018: GBP11.1m)
with an onerous lease provision release of GBP0.6m (2018: charge of
GBP1.7m).
The Group has disposed of a number of properties during the
period resulting in a loss on disposal, as included in highlighted
items, of GBP0.04m (2018: profit GBP2.1m).
Operating loss before highlighted items increased in the period
to a loss of GBP0.5m (2018: loss of GBP0.4m) and the Group achieved
a pre-tax loss (after highlighted items) of GBP0.3m (2018: loss of
GBP11.8m).
Net cash inflow for the period before financing was GBP2.3m
(2018: inflow GBP3.3m). This is generated from operations and
proceeds from the sale of property. Net cash flows generated from
operations were GBP2.2m (2018: GBP0.4m).
As at 29 December 2019, the Company had an outstanding bank loan
of GBP1.7m (2018: GBP6.4m). At 29 December 2019 cash at bank was
GBP4.6m (2018: GBP4.3m). Net cash at the balance sheet date was
GBP2.9m (2018: net debt
GBP2.1m). The outstanding bank debt of GBP1.7m was repaid in full in January 2020.
The table below gives additional information to shareholders on
key performance indicators
52 weeks ended 52 weeks ended
29December 30
2019 December 2018
GBP'000 GBP'000
EBITDA before highlighted items 1,055 1,581
Depreciation and amortisation (1,557) (1,948)
-------------------------------------- ---------------- ----------------
Operating loss before highlighted
items (502) (367)
Highlighted items 450 (11,198)
-------------------------------------- ---------------- ----------------
Operating loss (52) (11,565)
-------------------------------------- ---------------- ----------------
Principal risks and uncertainties
The Directors have the primary responsibility for identifying
the principal risks the business faces and for developing
appropriate policies to manage those risks.
Risks and uncertainties Mitigation
COVID-19 Adapting to the ever-changing situation
Uncertainty and impact Government guidelines will be followed.
of COVID-19 could impact Outbreak protocol for staff, restaurants
staff, restaurants and and suppliers.
supply. Working with the suppliers to ensure
back-up supplies available and stock
piling where necessary in central
kitchen.
Cash preservation is of primary concern
and we will be working with suppliers
to review credit terms, manage variable
costs and review restaurant opening
times. We are now constantly reviewing
any capital expenditure commitments.
-----------------------------------------------
Market Conditions and The uncertainty of the impact of Brexit
Brexit has increased the inflationary pressure
Economic uncertainty and on food cost. Whilst we work closely
impact of Brexit could with our suppliers and on assured
reduce customer confidence supply and price negotiation, we are
/ spending. also constantly reviewing ways to
keep food cost increases minimal
We are now debt free. We also ensure
that headroom on cashflow is maintained.
-----------------------------------------------
Competition To mitigate this risk, we continue
The casual dining market to invest and renew our offer whilst
faces new competition maintaining accessibility without
on a regular basis. compromising quality or the customer
experience.
We constantly review marketing offers
to ensure that we remain relevant
to our consumers and ahead of the
competition.
We review performance and seek new
opportunities.
-----------------------------------------------
People We have continued to focus on selection,
Loss of key staff and induction, training and retention
inability to hire the of our employees. The Group has made
right people in competitive significant improvements in its training
labour market. programme including the apprenticeship
scheme.
The Group offers a competitive remuneration
package which includes sales and gross
profit-based bonuses and share options.
-----------------------------------------------
Food standards and safety The Group engages in regular internal
Failing to meet safety and external compliance audits to
standards ensure all sites are complying with
regulations. Job specific training
that covers relevant regulations is
provided to all staff on induction
and whenever else necessary. Online
reporting systems are utilised on
a daily basis to gather relevant information
on compliance.
Regular review of latest Government
guidelines and best practice regarding
allergens.
The Group's activities are subject
to a wide range of laws and regulations
and we seek to comply with legislation
and best practice at all times.
-----------------------------------------------
Supply Chain The Group monitors suppliers closely
A major failure of key and if there was failure of a key
supplier or distributor supplier, we have contingency plans
could cause significant in place to minimise disruption.
business interruption.
-----------------------------------------------
On behalf of the Board.
Daniel Jonathan Plant
Joint Chief Executive Officer
16 March 2020
Report of the directors for the 52 weeks ended 29 December
2019
The Directors present their report together with the audited
financial statements for the 52 weeks ended 29 December 2019
(comparative period 52 weeks to 30 December 2018).
Results and dividends
The consolidated statement of comprehensive income is set out
below and shows the loss for the period.
The Directors do not recommend the payment of a dividend (2018:
GBPnil).
Post balance sheet events
Post balance sheet events are set out in Note 34.
Future developments
The outlook and future developments are set out in the
Chairman's statement and the Strategic Report.
Principal activities
The Group's principal activity is the operation of
restaurants.
Directors
The Directors of the Group during the period were as
follows:
Executive
Daniel Jonathan Plant
Samuel Kaye
Mayuri Vachhani (appointed 26 September 2019)
Non-Executive
Keith Lassman
Adam Kaye
Directors' interest in shares
As at 29 December As at 30 December
2019 2018
Ordinary % Ordinary
shares of shares of
Director 0.1p each 10p each %
Daniel Jonathan Plant 7,091,902 5.0% 4,154,579 6.9%
Samuel Kaye 20,750,588 14.7% 10,750,588 18.0%
Keith Lassman 806,599 0.6% 333,185 0.6%
Adam Kaye 12,236,560 8.7% 7,236,560 12.1%
Mayuri Vachhani (appointed
26 September 2019) - - - -
As at 16 March 2020 the shares held were as above.
Share options
Exercise Grant Vesting
Director Number price date period Expiry date
Mayuri Vachhani 750,000 GBP0.03 17/10/2019 3 years 17/10/2029
At the end of year certain of the Directors had interests in 'A'
and 'B' shares in Took Us a Long Time Limited, the subsidiary
company. The benefit of holding these shares is considered by the
Board to be similar to the benefit of holding an EMI option.
Class
of Exercise Exercisable
Director share Number price Price condition date Expiry date
Samuel Kaye A 500,000 GBP1.00 GBP1.50 31/03/2014 30/03/2024
Daniel Jonathan 31/03/2014 30/03/2024
Plant A 500,000 GBP1.00 GBP1.50
Daniel Jonathan 30/04/2015 29/04/2025
Plant B 600,000 GBP1.20 GBP2.00
In March 2020 to simplify the Group and the tax structure, the
above shares were bought back by Took Us a Long Time Limited and
cancelled at a nominal cost of GBP15.65 and in aggregate a cost of
GBP28.37..
Employees
Applications from disabled persons are given full consideration
providing the disability does not seriously affect the performance
of their duties. Such persons, once employed, are given appropriate
training and equal opportunities.
The Group takes a positive view toward employee communication
and has established systems for ensuring employees are informed of
developments and that they are consulted regularly.
Environment
Working alongside our primary waste contractor we have achieved
an average of 45% recycling across both brands with minimal waste
going to landfill.
An energy efficiency programme is currently being implemented
which is aimed at reducing electricity and gas usage in both
brands. By educating our employees on the impact they can have we
hope to inspire change in both the business and at home.
Our waste oil is collected and converted into Bio Diesel and Bio
Gas to ensure that none is wasted.
The Group has discontinued the use of plastic straws and are
currently working with the delivery partner to convert all our
delivery packaging to biodegradable.
Donations
The Group made no charitable or political donations in the
period (2018: none).
Financial Instruments
Details of the use of financial instruments and the principal
risks faced by the Group are contained in Note 28 to the financial
statements.
Going concern
The Board have a reasonable expectation that the Group has
adequate resources to continue in operational existence for a
period of at least twelve months since the Board approved these
financial statements. Accordingly, a going concern basis of
accounting is adopted in preparing the annual financial statements.
The Board's assessment of going concern can be found in Note 1(c)
to the financial statements.
Auditors
All of the current Directors have taken all reasonable steps
necessary to make themselves aware of any information needed by the
Group's auditors for the purposes of their audit and to establish
that the auditors are aware of that information. The Directors are
not aware of any relevant audit information of which the auditors
are unaware.
Haysmacintyre LLP were appointed as the auditors and have
expressed their willingness to continue in office and a resolution
to re-appoint them will be proposed at the annual general
meeting.
On behalf of the Board.
Daniel Jonathan Plant
Joint Chief Executive Officer
16 March 2020
Statement of directors' responsibilities
The Directors are responsible for preparing the strategic
report, the annual report and the financial statements in
accordance with applicable law and regulations.
Company law requires the Directors to prepare financial
statements for each financial year. Under that law the Directors
have elected to prepare the Group and Company financial statements
in accordance with International Financial Reporting Standards
(IFRSs) as adopted by the European Union. Under company law the
Directors must not approve the financial statements unless they are
satisfied that they give a true and fair view of the state of
affairs of the Group and the Company and of the profit or loss of
the Group for that period. The Directors are also required to
prepare financial statements in accordance with the rules of the
London Stock Exchange for companies trading securities on the
Alternative Investment Market.
In preparing these financial statements, the Directors are
required to:
-- select suitable accounting policies and then apply them consistently;
-- make judgements and accounting estimates that are reasonable and prudent;
-- state whether they have been prepared in accordance with
IFRSs as adopted by the European Union, subject to any material
departures disclosed and explained in the financial statements;
-- prepare the financial statements on the going concern basis
unless it is inappropriate to presume that the Company will
continue in business.
The Directors are responsible for keeping adequate accounting
records that are sufficient to show and explain the Company's
transactions and disclose with reasonable accuracy at any time the
financial position of the Company and enable them to ensure that
the financial statements comply with the requirements of the
Companies Act 2006. They are also responsible for safeguarding the
assets of the Company and hence for taking reasonable steps for the
prevention and detection of fraud and other irregularities.
Website publication
The Directors are responsible for ensuring the annual report and
the financial statements are made available on a website. Financial
statements are published on the Company's website (www.dimt.co.uk)
in accordance with legislation in the United Kingdom governing the
preparation and dissemination of financial statements, which may
vary from legislation in other jurisdictions. The maintenance and
integrity of the Company's website is the responsibility of the
Directors. The Directors' responsibility also extends to the
ongoing integrity of the financial statements contained
therein.
Consolidated statement of comprehensive income
for the 52 weeks ended 29 December 2019
52 weeks 52 weeks
ended 29 ended 30
December December
Note 2019 2018
GBP'000 GBP'000
Revenue 3 44,573 47,278
Cost of sales (43,921) (46,547)
---------------------------------------- ------ ---------------- -----------
Gross profit 652 731
Other income 3 245 177
Total operating expenses (949) (12,473)
Operating loss before highlighted
items (502) (367)
Highlighted items 5 450 (11,198)
---------------------------------------- ------ ---------------- -----------
Operating loss 4 (52) (11,565)
Finance income 6 8 -
Finance expense 6 (222) (252)
Loss before income tax (266) (11,817)
Income tax 9 - 204
---------------------------------------- ------ ---------------- -----------
Loss and total comprehensive
loss for the period and attributable
to owners of the parent (266) (11,613)
---------------------------------------- ------ ---------------- -----------
Loss
per
share
attributable
to
the
ordinary
equity
owners
of
the
parent
Basic
and
diluted 10 (0.23p) (19.42p)
The notes below form part of these financial statements.
Consolidated statement of changes in equity
for the 52 weeks ended 29 December 2019
Share Share Merger Retained Total
capital premium reserve (loss)/
profit
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at 31 December 2017 5,980 21,376 992 (6,290) 22,058
Issue of ordinary shares - - - - -
Cost of placing of ordinary
shares - - - - -
Total comprehensive loss for
the period - - - (11,613) (11,613)
Share based payments - - - 111 111
Balance at 30 December 2018 5,980 21,376 992 (17,792) 10,556
Issue of ordinary shares 81 3,170 - - 3,251
Cost of placing of ordinary
shares - (295) - - (295)
Total comprehensive loss for
the period - - - (266) (266)
Share based payments - - - 40 40
Balance at 29 December 2019 6,061 24,251 992 (18,018) 13,286
-------------------------------- ---------- ---------- ---------- ----------- ----------
The notes below form part of these financial statements.
Company statement of changes in equity
for the 52 weeks ended 29 December 2019
Share capital Share premium Retained Total
profit
GBP'000 GBP'000 GBP'000 GBP'000
Balance at 31 December 2017 5,980 21,376 (5,297) 22,059
Issue of ordinary shares - - - -
Cost of placing of ordinary
shares - - - -
Total comprehensive loss for
the period - - (11,640) (11,640)
Share based payments - - 111 111
Balance at 30 December 2018 5,980 21,376 (16,826) 10,530
Issue of ordinary shares 81 3,170 - 3,251
Cost of placing of ordinary
shares - (295) - (295)
Total comprehensive loss for
the period - - (3,056) (3,056)
Share based payments - - 40 40
Balance at 29 December 2019 6,061 24,251 (19,842) 10,470
------------------------------- --------------- --------------- ---------- ----------
The notes below form part of these financial statements.
Consolidated balance sheet
At 29 December 2019
29 December 30 December
2019 2018
Note GBP'000 GBP'000
Non-current assets
Intangible assets 12 352 352
Property, plant and equipment 13 14,570 16,554
Pre-paid operating lease charges 14 573 507
Other non-current assets 17 197 283
15,692 17,696
----------------------------------- ------------- ------------- -------------
Current assets
Inventories 16 2,650 2,548
Trade and other receivables 17 3,148 3,538
Pre-paid operating lease charges 14 50 87
Cash and cash equivalents 4,570 4,312
10,418 10,485
----------------------------------- ------------- ------------- -------------
Assets held for sale 33 800 505
Total assets 26,910 28,686
----------------------------------- ------------- ------------- -------------
Current liabilities
Trade and other payables 18 (7,834) (7,045)
Borrowings 21 (800) (2,867)
(8,634) (9,912)
----------------------------------- ------------- ------------- -------------
Non-current liabilities
Provisions 19 (2,783) (3,347)
Lease incentives (1,227) (1,266)
Long-term borrowings 21 (852) (3,550)
Other Payables 28 (128) (55)
(4,990) (8,218)
----------------------------------- ------------- ------------- -------------
Total liabilities (13,624) (18,130)
----------------------------------- ------------- ------------- -------------
Total net assets 13,286 10,556
----------------------------------- ------------- ------------- -------------
Equity
Share capital 22 6,061 5,980
Share premium 23 24,251 21,376
Merger reserve 23 992 992
Retained deficit 23 (18,018) (17,792)
----------------------------------- -------------
Total equity 13,286 10,556
----------------------------------- ------------- ------------- -------------
The financial statements were approved by the Board of Directors
of the Company and authorised for issue on 16 March 2020 and signed
on their behalf by Daniel Jonathan Plant.
The notes below form part of these financial statements.
Company balance sheet
At 29 December 2019
29 December 30 December
Note 2019 2018
GBP'000 GBP'000
Non-current assets
Investments 15 3,170 3,130
Other non-current assets 17 7,300 7,400
--------------------------- --------
Total net assets 10,470 10,530
--------------------------- -------- ------------- -------------
Equity
Share capital 22 6,061 5,980
Share premium 23 24,251 21,376
Retained deficit 23 (19,842) (16,826)
--------------------------- --------
Total equity 10,470 10,530
--------------------------- -------- ------------- -------------
The Parent Company, Tasty plc, has taken advantage of the
exemption in s 408 of the Companies Act 2006 not to publish its own
income statement. The Parent Company made a loss of GBP3.1m (2018 -
loss of GBP11.6m) for the period.
The financial statements were approved by the board of directors
of the Company and authorised for issue on 16 March 2020 and signed
on their behalf by Daniel Jonathan Plant.
The notes below form part of these financial statements.
Consolidated cash flow statement
For the 52 weeks ended 29 December 2019
52 weeks 52 weeks
Note ended 29 ended 30
December December
2019 2018
GBP'000 GBP'000
Operating activities
Cash generated from operations 30 2,226 389
Corporation tax received - 26
Net cash inflow from operating
activities 2,226 415
--------------------------------------- -------- ----------- -----------
Investing activities
Proceeds from sale of property,
plant and equipment 508 4,150
Purchase of property, plant and
equipment (453) (1,261)
Interest received 8 -
Net cash inflow from investing
activities 63 2,889
--------------------------------------- -------- ----------- -----------
Financing activities
Net proceeds from issues of ordinary
shares 2,956 -
Bank loan repayment 31 (4,765) (583)
Interest paid (222) (252)
Net cash used in from financing
activities (2,031) (835)
--------------------------------------- -------- ----------- -----------
Net increase in cash and cash
equivalents 258 2,469
Cash and cash equivalents brought
forward 4,312 1,843
Cash and cash equivalents as at
the end of the period 4,570 4,312
--------------------------------------- -------- ----------- -----------
The notes below form part of these financial statements.
Company cash flow statement
For the 52 weeks ended 29 December 2019
52 weeks 52 weeks
Note ended 29 ended 30
December December
2019 2018
GBP'000 GBP'000
Operating activities
Cash generated from operations - -
Corporation tax paid - -
------------------------------------------- -------- ----------- ----- -----------
Net cash outflow from operating
activities - -
------------------------------------------- -------- ----------- ----- -----------
Investing activities - -
Purchase of property, plant and
equipment - -
------------------------------------------- -------- ----------- ----- -----------
Net cash in flow / (used in) investing
activities - -
------------------------------------------- -------- ----------- ----- -----------
Financing activities
Net proceeds from issues of ordinary
shares - -
------------------------------------------- -------- ----------- ----- -----------
Net cash flows used in financing
activities - -
------------------------------------------- -------- ----------- ----- -----------
Net increase in cash and cash equivalents - -
Cash and cash equivalents brought
forward - -
Cash and cash equivalents as at
the end of the period - -
------------------------------------------- -------- ----------- ----- -----------
The notes below form part of these financial statements.
Notes
forming part of the financial statements for the 52 weeks ended
29 December 2019
1 Accounting policies
Tasty plc is a public listed company incorporated and domiciled
in England and Wales. The Company's ordinary shares are quoted on
AIM. Its registered address is 32 Charlotte Street, London, WC1T
2NQ.
(a) Statement of compliance
These financial statements of the Group and Company have been
prepared in accordance with International Financial Reporting
Standards, International Accounting Standards and Interpretations
(collectively IFRS) issued by the International Accounting
Standards Board (IASB) as adopted by European Union ("adopted
IFRSs"). These financial statements have also been prepared in
accordance with those parts of the Companies Act 2006 that are
relevant to companies that prepare their financial statements in
accordance with IFRS.
(b) Basis of preparation
The financial statements cover the 52 week period ended 29
December 2019, with a comparative period of the 52 week period
ended 30 December 2018. The financial statements are presented in
sterling, rounded to the nearest thousand and are prepared on the
historical cost basis. Accounting policies of the Company are
consistent with the policies adopted by the Group.
(c) Going concern
As at 29 December 2019, the Group had net assets of GBP13.3m
(2018: GBP10.6m). The Group meets its day-to-day working capital
requirements through the generation of operating cashflow and
equity raise. The Group's principal sources of funding are:
-- Issue of ordinary share capital in the Company on the Alternative Investment Market.
-- Placing and open offer in May 2019 raised GBP3.25m gross
-- The term loan, of which GBP6.4m was outstanding at the start
of year, was reduced to GBP1.65m. This was fully repaid in January
2020.
The Group is currently monitoring the COVID-19 situation and
more information can be found in the Principal Risks and
Uncertainties section above. The Board regulary reviews cashflow
and sensitivity forecasts and they have a reasonable expectation
that the Group has adequate resources to continue in operational
existence for the foreseeable future. Thus, the going concern basis
of accounting is adopted in preparing the annual financial
statements.
(d) Standard amendments and interpretations in issue but not yet
effective
The new standards impacting the Group, both of which will be
adopted in the next annual financial statements for the period
ended 27 December 2020 are:
-- IAS 1 and IAS 8
-- IFRS 16 'Leases'
Definition of Material - Amendments to IAS 1 and IAS 8
(effective 1 January 2020)
The IASB has made amendments to IAS 1, 'Presentation of
Financial Statements', and IAS 8, 'Accounting Policies, Changes in
Accounting Estimates and Errors', which use a consistent definition
of materiality throughout International Financial Reporting
Standards and the Conceptual Framework for Financial Reporting, to
clarify when information is material and incorporate some of the
guidance in IAS 1 about immaterial information.
In particular, the amendments clarify:
a) That the reference to obscuring information addresses
situations in which the effect is similar to omitting or misstating
that information, and that an entity assesses materiality in the
context of the financial statements as a whole, and;
b) The meaning of 'primary users of general purpose financial
statements' to whom those financial statements are directed, by
defining them as 'existing and potential investors, lenders and
other creditors' that must rely on general purpose financial
statements for much of the financial information they need.
The amendment is not expected to have a material impact on the
Group.
IFRS 16 'Leases'
IFRS 16 replaces IAS 17 and completes the IASB's long-running
project to overhaul lease accounting. Leases will be recorded on
the statement of financial position in the form of a right-of-use
asset and a lease liability. IFRS 16 is mandatorily effective from
reporting periods beginning on or after 1 January 2019. The Group
will therefore adopt IFRS 16 for the reporting period ended 27
December 2020.
The Group has chosen the modified retrospective application of
IFRS 16 in accordance with IFRS 16:C5(b). Consequently, the Group
will not restate the comparative information.
In contrast to lessee accounting, IFRS 16 substantially carries
forward the lessor accounting requirements in IAS 17.
Impact of the new definition of a lease:
The change in definition of a lease mainly relates to the
concept of control. IFRS 16 distinguishes between leases and
service contracts on the basis of whether the use of an identified
asset is controlled by the customer. Control is considered to exist
if the customer has:
-- The right to obtain substantially all of the economic
benefits from the use of an identified asset; and
-- The right to direct the use of that asset.
The Group will apply the definition of a lease and related
guidance set out in IFRS 16 to all lease contracts entered into or
modified on or after 1 January 2019 (whether it is a lessor or a
lessee in the lease contract).
Impact on Lessee Accounting
IFRS 16 will change how the Group accounts for leases in which
the Group is a lessee previously classified as operating leases
under IAS 17, which were off-balance sheet.
On initial application of IFRS 16, for all leases (except for
short-term or low value assets), the Group will:
a) Recognise right-of-use assets and lease liabilities in the
consolidated statement of financial position, initially measured at
the present value of the future lease payments;
b) Recognise depreciation of right-of-use assets and interest on
lease liabilities in the consolidated statement of profit or
loss;
Lease incentives (e.g. rent-free period) will be recognised as
part of the measurement of the right-of-use assets whereas under
IAS 17 they resulted in the recognition of a lease liability
incentive, amortised as a reduction of rental expenses on a
straight-line basis.
As at 29 December 2019, the Group has non-cancellable operating
lease commitments of GBP83.6m.
The Group will initially recognise a right-of-use asset of
GBP56.5m and a corresponding lease liability of GBP57.7m in respect
of all these leases on 30 December 2019.
Prepaid rent on these leases amounting to GBP1.1m which is
currently recognised within prepayments will be reclassified and
the amount factored into the measurement of the right to use assets
on 30 December 2019.
As a result of implementing IFRS 16, it is expected that
operating profit will increase by GBP1.5m in period to 27 December
2020. This is based on the rental charge of GBP5.5m which is no
longer expensed, being offset with expected depreciation of GBP4.0m
recognised on the right-of-use asset. Interest unwinding on the
lease liability of GBP2.8m will also be recognised as a finance
cost, reducing the overall profit before tax by GBP1.3m.
Impact on Lessor Accounting
Under IFRS 16, a lessor continues to classify leases as either
finance leases or operating leases and account for those two types
of leases differently. However, IFRS 16 has changed and expanded
the disclosures required, in particular regarding how a lessor
manages the risks arising from its residual interest in leased
assets.
Based on an analysis of the Group's operating leases as at 29
December 2019 on the basis of the facts and circumstances that
exist at that date, the Directors of the Group have assessed that
the impact of this change will not have an impact on the amounts
recognised in the Group's consolidated financial statements.
The Group does not expect any other standards issued by the
IASB, but not yet effective, to have a material impact on the
group.
(e) Basis of consolidation
The consolidated financial statements incorporate the results of
the Company and its subsidiary, Took Us A Long Time Limited. The
accounting period of the subsidiary is co-terminous with that of
the parent undertaking.
(f) Revenue
The Group's revenue is derived from goods and services provided
to the customers with revenue recognised at the point in time when
control of the goods has transferred to the customer. Control
passes to the customers at the point at which food and drinks are
provided and the Group has a present right for payment.
(g) Other income
Included in Other income is the rental income from operating
leases. The cost of these leases is included within the cost of
sales.
(h) Retirement benefits: Defined contribution schemes
Contributions to defined contribution pension schemes are
charged to the consolidated income statement in the period to which
they relate.
(i) Share based payments
The Group operates a number of equity-settled share-based
payment schemes under which share options are granted to certain
employees. Options granted to employees are measured at fair value
at the date of grant and the fair value is charged to the statement
of comprehensive income over the vesting period. Fair value is
measured using the Black-Scholes or binomial model. In determining
fair value, no account is taken of any vesting conditions, other
than conditions linked to the price of the Group's shares
(market-based conditions).
No expense is recognised for awards that do not ultimately vest,
except for awards where vesting is conditional upon a market
condition, which are treated as vesting irrespective of whether or
not the market condition is satisfied, provided all other
conditions are satisfied. The fair value determined at the grant
date is then expensed on a straight line over the vesting period,
based on the directors' best estimate of the number of shares that
will eventually vest and adjusted for the effect of non-market
based vesting conditions. The movement in the cumulative expense
since the previous balance sheet date is recognised in the Income
Statement, with the corresponding movement taken to equity.
Where the terms and conditions of options are modified before
they vest or where options have been cancelled and reissued with
modified terms, the increase in the fair value of the options,
measured immediately before and after the modification, is also
charged to the income statement over the remaining vesting
period.
The grant by the parent Company of options over its equity
instruments to the employees of its subsidiary in the Group is
treated as a capital contribution. The fair value of employee
services received, measured by reference to the grant date fair
value, is recognised over the vesting period as an increase to
investment in subsidiary undertakings, with a corresponding credit
to equity.
(j) Borrowing costs
Borrowing costs are recognised in the income statement in the
period in which they are incurred.
(k) Externally acquired intangible assets
Externally acquired intangible assets are initially recognised
at cost and subsequently amortised on a straight-line basis over
their useful economic lives. The amortisation expense is included
within the cost of sales line in the consolidated income
statement.
The significant intangibles recognised by the Group and their
useful economic lives are as follows:-
Intangible asset Useful economic life
Trade marks 10 years
(l) Property, plant and equipment
Items of property, plant and equipment are stated at cost less
accumulated depreciation (see below) and impairment losses.
Depreciation is provided to write off the cost or valuation,
less estimated residual values, of all fixed assets, evenly over
their expected useful lives and it is calculated at the following
rates:-
Leasehold improvements over the period of the lease
Fixtures, fittings and 10% per annum straight line
equipment
Computers 5% per annum straight line
Restaurants under construction are included in Property, plant
and equipment. No depreciation is provided on restaurants under
construction until the asset is available for use.
All property, plant and equipment is reviewed for impairment in
accordance with IAS36 Impairment of Assets, when there are
indications that the carrying value may not be recoverable.
Property, plant and equipment are subject to impairment tests
whenever events or changes in circumstances indicate that their
carrying amount may not be recoverable. Where the carrying value of
an asset or a cash generating unit (CGU) exceeds its recoverable
amount (i.e. the higher of value in use and fair value less costs
to dispose of the asset), the asset is written down accordingly.
The Group view each restaurant as a separate CGU. Value in use is
calculated using cash flows over the remaining life of the lease
for the CGU discounted at 10% (2018: 10%), being the rate
considered to reflect the risks associated with the CGUs. Cash
flows are determined using a one year forecasting period after
which cash flows are extrapolated at a 3% growth rate.
Impairment charges are recognised in the statement of
comprehensive income.
(m) Non-current assets held for sale
Non-current assets are classified as held for sale when the
Board plans to sell the assets and no significant changes to this
plan are expected. The assets must be available for immediate sale,
an active programme to find a buyer must be underway and be
expected to be concluded within 12 months with the asset being
marketed at a reasonable price in relation to the fair value of the
asset.
Non-current assets classified as held for sale are measured at
the lower of their carrying amount immediately prior to being
classified as held for sale and fair value less costs of disposal.
Following their classification as held for sale, non-current assets
are not depreciated.
(n) Onerous contracts
Provisions for onerous contracts are recognised when the
expected benefits to be derived by the Group from a contract are
lower than the unavoidable cost of meeting its obligation under the
contract. Estimates have been made with respect to the time to exit
and associated costs, for example lease incentives which may be
required to be paid as part of the sublet process. Judgement is
required by management when making such estimates.
(o) Loans and receivables
These assets arise principally from the provision of goods and
services to customers (e.g. trade receivables), but also
incorporate other types of financial assets where the objective is
to hold these assets in order to collect contractual cash flows and
the contractual cash flows are solely payments of principal and
interest. They are initially recognised at fair value plus
transaction costs that are directly attributable to their
acquisition or issue, and are subsequently carried at amortised
cost using the effective interest rate method, less provision for
impairment.
Impairment provisions for trade receivables are recognised based
on the simplified approach within IFRS 9 using a provision matrix
in the determination of the lifetime expected credit losses. During
this process the probability of the non-payment of the trade
receivables is assessed. This probability is then multiplied by the
amount of the expected loss arising from default to determine the
lifetime expected credit loss for the trade receivables. For trade
receivables, which are reported net, such provisions are recorded
in a separate provision account with the loss being recognised in
the consolidated statement of comprehensive income. On confirmation
that the trade receivable will not be collectable, the gross
carrying value of the asset is written off against the associated
provision.
Impairment provisions for receivables from related parties and
loans to related parties are recognised based on a forward looking
expected credit loss model. The methodology used to determine the
amount of the provision is based on whether there has been a
significant increase in credit risk since initial recognition of
the financial asset. For those where the credit risk has not
increased significantly since initial recognition of the financial
asset, twelve month expected credit losses along with gross
interest income are recognised. For those for which credit risk has
increased significantly, lifetime expected credit losses along with
the gross interest income are recognised. For those that are
determined to be credit impaired, lifetime expected credit losses
along with interest income on a net basis are recognised.
The Group's loans and receivables comprise trade and other
receivables and cash and cash equivalents in the balance sheet. The
Company's loans and receivables comprise only inter-Company
receivables. Cash and cash equivalents include cash in hand and
deposits held with banks.
(p) Apprenticeship funding and levy
The payments made under the levy represent a prepayment for
training services expected to be received and is recognised as an
asset until the receipt of the service. When the training service
is received, an appropriate expense is recognised. The grant income
is deferred until apprentices receive training under the rule of
the scheme.
(q) Financial liabilities
Financial liabilities include trade payables, accrued lease
charges, other short-term monetary liabilities, which are initially
recognised at fair value and subsequently carried at amortised
cost.
Bank borrowings are initially recognised at fair value and are
subsequently measured at amortised costs using the effective
interest method. Interest expense includes initial transaction
costs and any premium payable on redemption as well as any interest
payable while the liability is outstanding.
(r) Inventories
Raw materials and consumables
Inventories are stated at the lower of cost and net realisable
value. Cost comprises all costs of purchase and other costs
incurred in bringing the inventories to their present location and
condition. Net realisable value is based on estimated selling price
less costs incurred up to the point of sale.
Crockery and utensils (Smallwares)
Smallware inventories are held at cost which is determined by
reference to the quantity in issue to each restaurant. Smallware
stock relates to small value items which have short life spans
relating to kitchen and bar equipment. These items are recorded
under stock as they are utilised in providing food and beverage to
customers.
(s) Leased assets
Leases are classified as finance leases whenever the terms of
the lease are such that they transfer substantially all the risks
and rewards of ownership to the Group. All other leases are
classified as operating leases. The Group currently has no finance
leases. Assets leased under operating leases are not recorded on
the balance sheet.
Fixed payments made under operating leases are recognised in the
income statement on a straight-line basis over the term of the
lease. Contingent rent, such as turnover related rents, are
recognised in the income statement as incurred. Incentives to enter
into an operating lease are spread on a straight-line basis over
the lease term as a reduction in rental expense.
Payments made to acquire operating leases are treated as
pre-paid lease expenses and are amortised over the term of the
lease.
(t) Taxation
Tax on the profit and loss for the year comprises current and
deferred tax. Tax is recognised in the profit and loss except to
the extent that it relates to items recognised directly in equity,
in which case it is recognised in equity. Current tax is the
expected tax payable or receivable on the taxable income or loss
for the year, using tax rates enacted or substantively enacted at
the balance sheet date, and any adjustment to tax payable in
respect of previous years.
Deferred tax assets and liabilities are recognised where the
carrying amount of an asset or liability in the balance sheet
differs from its tax base, except for differences arising on:
-- The initial recognition of goodwill
-- The initial recognition of an asset or liability in a
transaction which is not a business combination and at the time of
the transaction affects neither accounting or taxable profit.
Recognition of deferred tax assets is restricted to those
instances where it is probable that taxable profit will be
available against which the difference can be utilised.
Deferred tax is provided using the balance sheet liability
method, providing for all temporary differences between the
carrying amounts of assets and liabilities recorded for reporting
purposes and the amounts used for tax purposes.
The amount of the asset or liability is determined using tax
rates that have been enacted or substantively enacted by the
reporting date and are expected to apply when the deferred tax
liabilities or assets are settled or recovered. Deferred tax
balances are not discounted.
(u) Goodwill
Goodwill represents the difference between the fair value of
consideration paid and the carrying value of the assets and
liabilities acquired. Goodwill arose on acquisition of a group of
leases.
Goodwill is stated as originally calculated less any accumulated
provision for impairment. Goodwill is allocated to individual CGUs,
where each CGU is a restaurant, and is subject to an impairment
review at each reporting date.
(v) Investments
Investments in subsidiaries are included in the Company's
Statement of Financial Position at cost less provision for
impairment.
(w) Share capital
The Company's ordinary shares are classified as equity
instruments.
(x) Operating profit
Operating profit is stated after all expenses, but before
financial income or expenses. Highlighted items are items of income
or expense which because of their nature and the events giving rise
to them, are not directly related to the delivery of the Company's
restaurant service to its patrons and merit separate presentation
to allow shareholders to understand better the elements of
financial performance in the year, so as to facilitate comparison
with prior periods and to assess better trends in financial
performance.
2 Critical accounting estimates and judgements
The Group makes certain estimates and judgements that affect the
application of policies and reported amounts. Estimates and
judgements are continually evaluated based on historical experience
and other factors, including expectations of future events that are
believed to be reasonable under the circumstances. In the future,
actual experience may differ from these estimates and assumptions.
The estimates and assumptions that have a significant risk of
causing a material adjustment to the carrying amounts of assets and
liabilities within the next financial period are discussed
below.
(a) Share based payments (Note 27)
The Group operates equity share-based remuneration schemes for
employees. Employee services received and the corresponding
increase in equity are measured by reference to the fair value of
the equity instruments at the date of grant, excluding the impact
of any non-market vesting conditions. The fair value of share
options is estimated by using valuation models, such as Black
Scholes or binomial on the date of grant based on certain
assumptions. Those assumptions are described in note 27 and
include, among others, the dividend growth rate, expected
volatility, expected life of the options (for options with market
conditions) and number of options expected to vest.
(b) Accruals (Note 18)
In order to provide for all valid liabilities which exist at the
balance sheet date, the Group is required to accrue for certain
costs or expenses which have not been invoiced and therefore the
amount of which cannot be known with certainty. Such accruals are
based on management's best estimate and past experience. Delayed
billing in some significant expense categories such as utility
costs can lead to sizeable levels of accruals. The total value of
accruals as at the balance sheet date is set out in note 18.
(c) Useful lives of property, plant and equipment (Note 13)
Property, plant and equipment are amortised or depreciated over
their useful lives. Useful lives are based on management estimates
of the period that the assets will generate revenue, which are
periodically reviewed for continued appropriateness.
(d) Impairment reviews (Note 13)
In carrying out an impairment review in accordance with IAS 36
it has been necessary to make estimates and judgements regarding
the future performance and cash flows generated by individual
trading units which cannot be known with certainty. Past
performance is often used as a guide in estimating future
performance, or comparison with similar sites. Where the
circumstances surrounding a particular trading unit have changed
then forecasting future performance becomes extremely judgemental
and for these reasons the actual impairment required in the future
may differ from the charge made in the financial statements. When
assessing a CGU recoverable amount, the value in use calculation
uses a discounted cash flow model which is sensitive to the
discount rate and the growth rate used after taking into account
potential sale value.
(e) Intercompany provision
In carrying out a review of intercompany loan in accordance with
IRFS9 it has been necessary to make estimates and judgements
regarding the repayment of the loan by its subsidiary to the
Company. A sensitivity analysis has been performed on the repayment
of loan value.
(f) Onerous contract provision (Note 19)
The amount provided is based on expected future rental
obligations, legal costs, associated exit costs and potential lease
incentives which may be required to be paid as part of the
sub-let/surrender process. Significant judgements are used in
calculating these provisions and changes to these assumptions or
future events could cause the value of these provisions to
change.
(g) Crockery and utensils (Smallwares)
The cost of replenishing smallwares is expensed directly through
the income statement. Smallwares is recognised at historic cost and
tested for impairment on an annual basis.
3 Revenue, other income and segmental analysis
The Group's activities, comprehensive income, assets and
liabilities are wholly attributable to one operating segment
(operating restaurants) and arises solely in one geographical
segment (United Kingdom). All the Group's revenue is recognised at
a point in time.
An analysis of the Group's total revenue is as follows:
52 weeks 52 weeks
ended 29 ended 30
December December
2019 2018
GBP'000 GBP'000
Sale of goods 44,573 47,278
44,573 47,278
---------------- ----------- -----------
An analysis of the Group's other income is as follows:
52 weeks 52 weeks
ended 29 ended 30
December December
2019 2018
GBP'000 GBP'000
Sub-let site rental income 245 177
245 177
----------------------------- ----------- -----------
4 Operating loss
52 weeks 52 weeks
ended 29 ended 30
December December
2019 2018
This has been arrived at after
charging GBP'000 GBP'000
Staff costs 18,195 19,056
Share based payments 40 111
Operating lease rentals 5,496 5,858
Amortisation of intangible assets 3 3
Depreciation 1,507 1,861
Amortisation of prepaid operating
leases 50 87
Onerous lease provision (564) 1,687
Restructure and consultancy 31 457
Impairment of lease premiums - 897
Impairment of Goodwill - 115
Impairment of property, plant and
equipment - 10,063
Loss/(profit) on disposal of property,
plant and equipment 43 (2,132)
Auditor remuneration:
Audit fee - Parent Company 8 10
- Group financial statements 26 30
- Subsidiary undertaking 8 10
Other services - Taxation compliance 6 11
------------------------------------------- ----------- -------------------
5 Highlighted items - charged to operating expenses
52 weeks 52 weeks
ended ended 30
29 December December
2019 2018
GBP'000 GBP'000
(Loss)/profit on disposal of property,
plant and equipment (43) 2,132
Onerous leases 564 (1,687)
Restructure and consultancy (31) (457)
Impairment of lease premiums - (897)
Impairment of Goodwill - (115)
Impairment of property, plant and
equipment - (10,063)
Share based payments (40) (111)
450 (11,198)
----------------------------------------- -------------- -----------
The above items have been highlighted to give more detail on
items that are included in the consolidated statement of
comprehensive income and which when adjusted shows a profit or loss
that reflects the ongoing trade of the business.
6 Finance income and expense
52 weeks 52 weeks
ended 29 ended 30
December December
2019 2018
GBP'000 GBP'000
Interest receivable (8) -
Interest payable 222 252
214 252
---------------------- ----------- -----------
7 Employees
52 weeks 52 weeks
ended 29 ended 30
December December
2019 2018
Staff costs (including Directors)
consist of GBP'000 GBP'000
Wages and salaries 16,637 17,493
Social security costs 1,313 1,415
Other pension costs 245 148
Equity settled share based payment
expense 40 111
18,235 19,167
------------------------------------- ----------- -----------
The average number of persons, including Directors, employed by
the Group during the period was 1,028 of which 1,006 were
restaurant staff and 22 were administration staff, (2018 - 1,049 of
which 1,030 were restaurant staff and 19 were administration
staff).
No staff are employed by the Company (2018 - no staff).
Of the total staff costs GBP17.2m was classified as cost of
sales (2018: GBP18.1m) and GBP1.0m as operating expenses (2018:
GBP1.1m). Redundancy costs of GBP0.0m (2018: GBP0.2m) have been
included as a cost of Restructure and Consultancy in Note 5.
8 Directors and key management personnel remuneration
Key management personnel identified as the Directors are those
persons having authority and responsibility for planning, directing
and controlling the activities of the Group, and represent the
Directors of the Group.
52 weeks 52 weeks
ended 29 ended 30
December December
2019 2018
GBP'000 GBP'000
Directors remuneration
Emoluments 70 252
Share based payments 17 70
Pensions 1 -
Social security costs 10 30
98 352
------------------------- ----------- -----------
52 weeks 52 weeks
ended 29 ended 30
December December
2019 2018
GBP'000 GBP'000
Individual directors' emoluments
J Plant 30 120
S Kaye - 55
T Cundy (resigned 13 March 2018) - 27
A Kaye - 20
K Lassman 8 30
M Vachhani (appointed 26 September -
2019) 32
70 252
------------------------------------- ----------- -----------
In addition to the above, a pension contribution was provided to
M Vachhani of GBP1,000 (2018: GBPnil).
Share based payments for the period that are attributable to the
Directors are GBP17,000 (2018: GBP70,000).
Company
The Company paid no director emoluments during the year (2018:
none).
9 Income tax expense
52 weeks 52 weeks
ended 29 ended 30
December December
2019 2018
GBP'000 GBP'000
UK Corporation tax
Adjustment in respect to previous
years - (48)
Total current tax - (48)
------------------------------------------ ----------- -----------
Deferred tax
Origination and reversal of temporary
differences - 252
Total deferred tax - 252
------------------------------------------ ----------- -----------
Total income tax credit - 204
------------------------------------------ ----------- -----------
The tax credit for the period is lower than the standard rate of
corporation tax in the UK. The differences are explained below:
52 weeks 52 weeks
ended 29 ended 30
December December
2019 2018
GBP'000 GBP'000
Loss before tax (266) (11,817)
------------------------------------------- ----------- -----------
Tax on loss at the ordinary rate
of corporation
tax in UK of 19% (2018 - 19%) (51) (2,245)
Effects of
Expenses not deductible for tax 23 21
Onerous lease provision not deductible
for tax 56 168
Deferred tax not recognised (336) -
Adjustment in respect of previous
years (48)
Depreciation/impairment on ineligible
fixed assets 308 1,900
Total tax charge - (204)
------------------------------------------- ----------- -----------
Changes to the UK corporation tax rates were substantively
enacted as part of Finance Bill 2016 (on 6 September 2016). These
include reductions to the main rate to reduce the rate to 17% from
1 April 2020.
In March 2020, the budget announced the intention to cancel the
future reduction in corporation tax rate from 19% to 17%. This
announcement constitutes a post year-end substantive enactment and
therefore deferred taxes at the balance sheet date continue to be
measured at the enacted tax rate of 17%. As the deferred tax
balance is currently GBPnil there is no impact on the accounts
going forward. The corporation tax rate will now remain at 19%
after 1 April 2020.
10 Loss per share
29 December 30 December
2019 2018
Pence Pence
Basic and diluted loss per ordinary
share (0.23) (19.42)
2019 2018
Number Number
'000 '000
Loss per share has been calculated
using the numbers shown below:
Weighted average ordinary shares
(basic) 113,379 59,795
2019 2018
GBP'000 GBP'000
Loss for the financial period (266) (11,613)
Due to the loss made in the year, all share options are anti
dilutive. No share options would otherwise be considered dilutive
(2018 - nil).
11 Dividend
No final dividend has been proposed by the Directors (2018 -
GBPnil).
12 Intangibles
Trademarks Goodwill Total
GBP'000 GBP'000 GBP'000
At 31 December 2017 29 441 470
Impairments - (115) (115)
Amortisation of trademarks (3) - (3)
At 30 December 2018 26 326 352
Additions 3 - 3
Amortisation of trademarks (3) - (3)
At 29 December 2019 26 326 352
------------------------------- -------------- ------------ ---------
The recoverable amount of goodwill has been determined on a
value in use basis. This has been based on the performance of the
units since they were acquired and management's forecasts, which
assume the sites will perform at least as well as the market
generally. The forecast cash flows cover a period of the committed
lease length (or 10 years, if shorter), assuming a growth rate of
3% and are discounted at a rate of 10% (2018 - 10%). Management has
performed sensitivity testing on all inputs to the model and noted
no highly sensitive variables. Goodwill has been allocated to CGUs
as follows;
29 December 30 December
2019 2018
GBP'000 GBP'000
Shaftesbury Avenue 196 196
Cambridge 130 130
326 326
-------------------------- ------------- ------------------
13 Property, plant and equipment
Furniture Assets
fixtures in the
Leasehold and computer course
improvements equipment of construction Total
GBP'000 GBP'000 GBP'000 GBP'000
Cost
At 31 December
2017 41,231 10,946 47 52,224
Additions 863 398 - 1,261
Disposals (1,187) (470) (47) (1,704)
Reclassified as
held for sale (930) (411) - (1,341)
At 30 December
2018 39,977 10,463 - 50,440
Additions 120 247 - 367
Disposals (351) (101) - (452)
Reclassified as
held for sale (1,085) (502) - (1,587)
At 29 December
2019 38,661 10,107 - 48,768
------------------- --------------- --------------- ------------------ ---------
Depreciation
At 31 December
2017 18,277 5,616 - 23,893
Provided for the
period 1,070 791 - 1,861
Impairments 8,601 1,462 - 10,063
Disposals (817) (278) (1,095)
Reclassified as
held for sale (581) (255) - (836)
At 30 December
2018 26,550 7,336 - 33,886
Provided for the
period 892 615 - 1,507
Disposals (351) (57) - (408)
Reclassified as
held for sale (417) (370) - (787)
At 29 December
2019 26,674 7,524 - 34,198
------------------- --------------- --------------- ------------------ ---------
Net book value
At 29 December
2019 11,987 2,583 - 14,570
------------------- --------------- --------------- ------------------ ---------
At 30 December
2018 13,427 3,127 - 16,554
------------------- --------------- --------------- ------------------ ---------
The total carrying value of the assets that have been impaired
in the period is GBPnil (2018: GBP14.0m). These have been impaired
to their value in use of GBPnil (2018: GBP3.0m).
The key judgements and estimates in the inputs in calculating
the impairments are outlined in note 1(l).
A sensitivity analysis has been performed on each of the key
assumptions noted with other variables held constant. Increasing
the growth rate by 1% or decreasing the discount rate by 1% has no
impact on current year impairment charge.
Assets held for sale accounted for a carrying value of GBP0.8m
(2018: GBP1m carrying value impaired to value in use of
GBP0.6m).
Company
The Company holds no property, plant and equipment.
14 Prepaid operating leases
29 December 30 December
2019 2018
GBP'000 GBP'000
Held within current assets 50 87
Held within non-current assets 573 507
623 594
--------------------------------- ------------- -------------
Prepaid operating leases represent lease premiums paid on the
acquisition of sites, amortised evenly over the lease term.
15 Investments
GBP'000
Company
At 31 December 2017 3,019
Share based payment in respect
of subsidiary 111
At 30 December 2018 3,130
------------------------------------- -----------
Share based payment in respect
of subsidiary 40
At 29 December 2019 3,170
------------------------------------- -----------
The Company's investments are wholly related to a 53% ordinary
shareholding in Took Us a Long Time Limited, a company registered
in England and Wales with registered offices at 32 Charlotte
Street, London. Took Us a Long Time Limited is primarily engaged
with the operation of restaurants.
Under IFRS any "non-Controlling Interest" must be recognised
based on the ownership percentage, unless there is a separate
agreement meaning the share of profits is allocated on another
basis. In this instance, the nature of the shares held by other
parties mean that the shareholders only receive profits when
certain thresholds are met, and would never be liable for any of
the losses. As the Group is currently loss making, no share of the
losses should be allocated and therefore a "non-Controlling
Interest" has not been shown.
16 Inventories
29 December 30 December
2019 2018
GBP'000 GBP'000
Raw materials and consumables 871 798
Crockery and utensils 1,779 1,750
2,650 2,548
-------------------------------- ------------- --- -------------
In the Directors' opinion there is no material difference
between the replacement cost of stocks and the amounts stated
above. Raw material and consumable inventory purchased and
recognised as an expense in the period was GBP11.4m (2018:
GBP12.2m).
17 Trade and other receivables
29 December 30 December
2019 2018
GBP'000 GBP'000
Trade receivables 267 240
Prepayments and other receivables 3,078 3,581
Total trade and other receivables 3,345 3,821
---------------------------------------- ------------- -------------
Less non-current portion (Deposits) (197) (283)
3,148 3,538
-------------------------------------- ------------- -------------
Company
Amounts due from subsidiary 7,300 7,400
Total trade and other receivables 7,300 7,400
---------------------------------------- ------------- -------------
Classified as non-current 7,300 7,400
---------------------------------------- ------------- -------------
There has been an increase in the credit risk of this loan since
it was advanced due to the deterioration in the market and the
resulting impact on the performance of the trading company. The
Company has previously made loans to the trading subsidiary of
GBP28.5m (2018: GBP25.6m).
The Directors of the Company consider this loan to be classed as
Stage 2 under the General Approach set out in IFRS 9. The Company
has made provisions of GBP21.2m (2018: GBP18.2m) which represents
the lifetime expected credit losses. In assessing the lifetime
expected credit losses consideration has been given to a number of
factors including internal forecasts of EBITDA, cashflow and the
consolidated net asset value of the Group at the balance sheet
date.
18 Trade and other payables
29 December 30 December
2019 2018
GBP'000 GBP'000
Trade payables 3,651 3,690
Taxations and social security 1,804 1,649
Accruals and deferred income 1,771 1,269
Other payables 736 492
7,962 7,100
-------------------------------- ------------- --- -------------
Included within trade payables are GBP0.10m (2018: GBP0.15m) due
to related parties (note 29).
19 Provisions
29 December 30 December
2019 2018
GBP'000 GBP'000
At the beginning of the period 3,347 1,660
Movement in the period (564) 1,687
At the end of the period 2,783 3,347
----------------------------------- ------------- --- -------------
During the period an onerous leases provision of GBP0.6m was
released (2018 - provision of GBP1.7m). This provision has been
made against sites where projected future trading income is
insufficient to cover the unavoidable costs under the lease. The
provision is based on the expected cash out flows of these sites
and the associated costs of exiting these leases and the time
expected to sell.
20 Deferred tax
29 December 30 December
2019 2018
GBP'000 GBP'000
At the beginning of the period - (252)
Profit and loss credit/(charge) - 252
------------------------------------
- -
--------------------- -------------
Accelerated capital allowances - -
Tax losses carried forward - -
At the end of the period - -
------------------------------------ --------------------- -------------
Due to the uncertainty of future profits, a deferred tax asset
of GBP0.3m (2018: GBP0.9m) is not recognised in these financial
statements.
21 Borrowings
29 December 30 December
2019 2018
GBP'000 GBP'000
Current
Secured bank borrowings 800 2,867
---------------------------------------- ------------- --- -------------
800 2,867
-------------------------------------- ------------- --- -------------
Non-current
Secured bank borrowings 852 3,550
---------------------------------------- ------------- --- -------------
852 3,550
-------------------------------------- ------------- --- -------------
1,652 6,417
-------------------------------------- ------------- --- -------------
Maturity of secured bank borrowings
Due within one year 1,055 3,083
Due In more than one year but less
than two years 669 927
Due In more than two years but
less than five years - 2,846
---------------------------------------- ------------- --- -------------
1,724 6,856
-------------------------------------- ------------- --- -------------
Future interest payments (72) (439)
1,652 6,417
-------------------------------------- ------------- --- -------------
During the year GBP4.8m was repaid to the bank and post year end
the outstanding loan of GBP1.7m was paid in full in January
2020.
22 Share capital
Number Number GBP'000
Ordinary Deferred
Called up and fully paid:
Ordinary shares at 0.1 pence 59,795,496 - 60
Deferred shares at 9.9 pence
(as a result of sub-division - 59,795,496 5,920
Ordinary shares issued at 0.1
pence 81,294,262 - 81
At 29 December 2019 141,089,758 - 6,061
---------------------------------- ------------- ------------ ---------
Share Capital Reorganisation, placing and open offer
At start of the year the Group had 59,795,496 ordinary shares at
10 pence per share in issue.
On 1 May 2019 the Group sub-divided each existing ordinary share
into one ordinary share of 0.1 pence each and one deferred share of
9.9 pence each. Following this, the Group issued 81,294,262
Ordinary shares through a placing and open offer at 4 pence, each
at nominal value of 0.1 pence.
23 Reserves
Share capital comprises of the nominal value of the issued
shares.
Share premium reserve is the amount subscribed in excess of the
nominal value of shares net of issue costs.
Cumulative gains and losses recognised in the income statement
are shown in the Retained deficit reserves, together with other
items taken direct to equity.
The merger reserve arose in 2006 on the creation of the
Group.
24 Capital commitments
At the balance sheet date the Group and the Company had no
capital commitments which were contracted but not provided for
(2018: GBPnil). Capital commitments relate to committed expenditure
in respect of restaurants under construction.
25 Operating lease commitments
The total future value of minimum lease payments and receipts
under non-cancellable operating leases are shown below. The
receipts are from sub-tenants on contractual sub-leases, the net
position represents the cash liability of the Group.
29 December 30 December
2019 2018
GBP'000 GBP'000
Within one year: payments 5,488 5,521
Within one year: receipts (278) (237)
--------------------------------------- ------------- -------------
5,210 5,284
------------------------------------- ------------- -------------
Within two to five years: payments 20,647 20,808
Within two to five years: receipts (1,158) (930)
--------------------------------------- ------------- -------------
19,489 19,878
------------------------------------- ------------- -------------
Over five years: payments 57,499 60,579
Over five years: receipts (2,428) (2,485)
55,071 58,094
------------------------------------- ------------- -------------
79,770 83,256
------------------------------------- ------------- -------------
26 Pensions
The Group made contributions of GBP1,000 (2018: GBPnil) to the
personal pension plan of the Directors. During the year the Group
made contributions to employee pensions of GBP0.2m (2018: GBP0.1m).
As at 29 December 2019, contributions of GBP12,000 due in respect
of the current reporting period had not been paid over to the
schemes (2018: GBP13,000).
27 Share based payments
Weighted average
exercise price Number
(pence) '000
At 31 December 2017 97.2 3,489
Lapsed 31.5 (440)
Cancelled 129.8 (166)
At 30 December 2018 105.4 2,883
Lapsed 70.1 (190)
Cancelled 131.2 (293)
Granted 4.1 4,525
At 29 December 2019 39.5 6,925
------------------------ ------------------ --------
The exercise price of options outstanding at the end of the
period ranged between 3p and 120p (2018 - 35p and 147p) and their
weighted average remaining contractual life was 8.4 years (2018 -
6.3 years).
Of the total number of options outstanding at the end of period
6.3m (2018 - 2.1m) had vested and were exercisable at the end of
the period with a weighted average exercise price of 31p.
The market price of the Company's ordinary shares as at 29
December 2019 was 2.7p and the range during the financial year was
from 2.7p to 10.7p.
No option was exercised in 2019 (2018 GBPnil) and 4.5m were
granted in 2019 as detailed below (2018 nil).
On 29 July 2019 options of 3.5m were granted at a grant price of
4.4p reflecting the opening share price. The options vest in three
years and expire in 10 years. A charge of GBP61,000 will be
recognised over the three years based on a volatility of 63.5% and
risk rate of 0.5% using the Binomial method. The volatility is
weighted on a four year basis and the risk free rate is based on
risk free rate on the mid point between the vesting date and
expiry.
On 17 October 2019 options of 1m were granted at a grant price
of 3.3p reflecting the opening share price. The options vest in
three years and expire in 10 years. A charge of GBP12,000 will be
recognised over the three years based on a volatility of 61.6% and
risk rate of 0.5% using the Binomial method. The volatility is
weighted on a four year basis and the risk free rate is based on
risk free rate on the mid point between the vesting date and
expiry.
28 Financial instruments
In common with all other businesses, the Group is exposed to
risks that arise from its use of financial instruments. This note
describes the Group's objectives, policies and processes for
managing those risks and the methods used to measure them. Further
quantitative information in respect of these risks is presented
throughout these financial statements.
The Group is exposed through its operations to the following
financial risks:
-- Credit risk
-- Interest rate risk
-- Liquidity risk
The Group does not have any material exposure to currency risk
or other market price risk.
There have been no substantive changes in the Group's exposure
to financial instrument risks, its objectives, policies and
processes for managing those risks or the methods used to measure
them from previous periods unless otherwise stated in this
note.
Principal financial instruments
The principal financial instruments used by the Group, from
which financial instrument risk arises, are as follows:-
-- loans and borrowings
-- trade receivables
-- cash and cash equivalents
-- trade and other payables
The Group's financial instruments apart from cash and cash
equivalents are measured on an amortised cost basis. Due to the
short-term nature of trade receivables and trade/ other payables,
the carrying value approximates their fair value.
29 December 30 December
Financial assets 2019 2018
GBP'000 GBP'000
Cash and cash equivalents 4,570 4,312
Trade and other receivables 464 523
Total financial assets 5,034 4,835
------------------------------------- ------------- -------------
Financial liabilities (amortised
cost)
Trade and other payables 4,387 4,182
Loans and borrowings 1,652 6,417
Total financial liabilities 6,039 10,599
------------------------------------- ------------- -------------
Company - Financial assets (amortised 29 December 30 December
cost) 2019 2018
GBP'000 GBP'000
Intercompany loan 7,300 7,400
------------------------------------------ ------------- --- -------------
General objectives, policies and processes
The Board has overall responsibility for the determination of
the Group's risk management objectives and policies.
The overall objective of the Board is to set policies that seek
to reduce risk as far as possible without unduly affecting the
Group's competitiveness and flexibility. Further details regarding
these policies are set out below:
Credit risk
The Group's assets and liabilities are wholly attributable to
one operating segment (operating restaurants) and arises solely in
one geographical segment (United Kingdom).
Credit risk is the risk of the financial loss to the Group if a
customer or a counterparty to a financial instrument fails to meet
its contractual obligations. The Group is mainly exposed to credit
risk from rebates from suppliers, sub-letting income and trade
receivables.
Trade and other receivables are disclosed in note 17 and
represent the maximum credit exposure for the Group.
The following table sets out the ageing of trade
receivables:
29 December 30 December
2019 2018
Ageing of receivables GBP'000 GBP'000
<30 days 106 94
31-60 days 67 45
61-120 days 48 29
>120 days 46 72
------------- -------------
267 240
------------------------ ------------- -------------
The Group's principal financial assets are cash and trade
receivables. There is minimal credit risk associated with the
Group's cash balances. Cash balances are all held with recognised
financial institutions. Trade receivables arise in respect of
rebates from a major supplier and therefore they are largely offset
by trade payables. As such the net amounts receivable form an
insignificant part of the Group's business model and therefore the
credit risk associated with them is also insignificant to the Group
as a whole.
The Company's principal financial assets are intercompany
receivables. These balances arise due to the funds flow from the
listed Company to the trading subsidiary and are repayable on
demand. The credit risk arising from these assets are linked to the
underlying trading performance of the trading subsidiary. See note
17 for further details on intercompany debt.
Liquidity risk
Liquidity risk arises from the Group's management of working
capital. It is the risk that the Group will encounter difficulty in
meeting its financial obligations as they fall due. The Group's
policy is to ensure that it will always have sufficient cash to
allow it to meet its liabilities when they become due. To achieve
this aim, the Group seeks to maintain cash balances to meet its
expected cash requirements as determined by regular cash flow
forecasts prepared by management.
The following table sets out the contractual maturities
(representing undiscounted contractual cash-flows) of financial
liabilities:
Up to 3 Between Between Between Over 5
months 3 and 12 1 and 2 2 and years
months years 5 years
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Trade & other payables 4,259 - 56 - 72
Loan and other borrowings 417 638 669 - -
As at 29 December
2019 4,676 638 725 - 72
---------------------------- --------- ----------- ---------- ---------- ---------
Up to 3 Between Between Between Over 5
months 3 and 12 1 and 2 2 and years
months years 3 years
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Trade & other payables 4,127 - - - 55
Loan and other borrowings 1,800 1,282 927 2,846 -
As at 30 December
2018 5,927 1,282 927 2,846 55
---------------------------- --------- ----------- ---------- ---------- ---------
Non-current other payables are sub-let site rent deposits.
Interest rate risk
The Group seeks to minimise interest costs by regularly
reviewing cash balances.
Interest rate risk arises from the Group's use of interest
bearing loans linked to LIBOR. The Group is exposed to cash flow
interest rate risk from long term borrowings at variable rate. The
Board considers the exposure to the interest rate risk to be
acceptable.
Surplus funds are invested in interest bearing, instant access
bank accounts.
Loans and borrowings
During the year the Group had a loan facility with Barclays Bank
Plc. Of the GBP7 million term loan GBP1.7m was outstanding at the
year-end. In January 2020 the GBP1.7m was repaid to the bank.
Capital disclosures
The Group's capital is made up of ordinary share capital,
deferred share capital, share premium, merger reserve and retained
deficit totalling GBP13.2m (2018: GBP10.5m).
The Group's objective when maintaining capital is to safeguard
the entity's ability to continue as a going concern, so that it can
continue to provide returns for shareholders and benefits for other
stakeholders.
The Group manages its capital structure and makes adjustments to
it in the light of strategic plans. In order to maintain or adjust
the capital structure, the Group may adjust the amount of dividends
paid to shareholders, return capital to shareholders or issue new
shares.
29 Related party transactions
The Directors are considered to be the key management personnel.
Details of directors' remuneration are shown in Note 8.
The Group pays rent and associated insurance to a number of
companies considered related parties by virtue of the interests
held by the Directors in such companies. The Group also reimburses
expenses incurred by such companies on behalf of the Group. The
Group receives income from related parties for fees in relation to
consultancy services offered.
52 weeks 52 weeks
ended 29 ended 30
December December
2019 2018
GBP'000 GBP'000
Rent, insurance and legal services
* Kropifko Properties Ltd (52) (167)
* KLP Partnership (83) (84)
* ECH Properties Ltd (79) (75)
* Proper Proper T Ltd (52) (105)
* Super Hero Properties (135) (69)
* Benja Properties Ltd (154) (154)
* Howard Kennedy LLP (18) (5)
Expenses reimbursed
Balance due to related parties 97 152
The rent paid to related parties are considered to be a
reasonable reflection of the market rate for the properties.
30 Reconciliation of loss before tax to net cash inflow from operating activities
52 weeks 52 weeks
ended 29 ended 30
December December
2019 2018
GBP'000 GBP'000
Group
Loss before tax (266) (11,817)
Finance income (8) -
Finance expense 222 252
Share based payment charge 40 111
Depreciation and impairment 1,557 13,016
Profit from sale of property
plant and equipment 43 (2,132)
Amortisation of intangible
assets 3 3
Onerous lease provision
movement (564) 1,687
Decrease / (increase)
in inventories (102) 107
Decrease / (increase)
in trade and other receivables 477 1,231
(Decrease)/ Increase
in trade and other payables 824 (2,069)
2,226 389
--------------------------------------- ----------- -----------
31 Reconciliation of financing activity
Non-current Current
loans and loans and
borrowings borrowings
(note 21) (note 21) Total
GBP'000 GBP'000 GBP'000
At 30 December 2018 3,550 2,867 6,417
Borrowings becoming current
in 2019 2,067 (2,067) -
(non-cash movement)
Loan repayment (4,765) - (4,765)
As at 29 December 2019 852 800 1,652
------------------------------ ------------- ------------- ---------
32 Effects of changes in accounting policies
The Group adopted IFRS 9 and IFRS 15 in the previous period with
a transition date of 1 January 2018.
Due to the nature of trade, IFRS 15 did not have an impact on
the recognition of revenue. This accounting policy is outlined in
note 1(f).
IFRS 9 applies to classification and measurement of financial
assets and financial liabilities, impairment provisioning and hedge
accounting. IFRS 9 replaces IAS 39 Financial Instrument:
Recognition and Measurement and introduces a single model that has
initially only two classification categories rather than the
multiple classification and measurement models in the previous
standard. The new models are amortised at cost and fair value. For
both the Group and Company there has been no change to the
measurement of financial instruments on adoption of IFRS 9. See the
accounting policy outlined in Note 1(n).
33 Assets held for sale
At year end the Group had exchanged contracts for the sale of
dim t More London. The completion was subject to completion of
conditions which were met post year-end (see note 34). The assets
of More London were treated as assets held for sale.
The following major classes of assets have been classified as
held for sale on the consolidated balance sheet.
29 December 30 December
2019 2018
GBP'000 GBP'000
Leasehold improvements 668 350
Furniture, fixtures and computer
equipment 132 155
Total assets held for sale 800 505
------------------------------------- ------------- --- -------------
The assets held for sale at 29 December 2020 related to More
London dim t and sold for a gross consideration of GBP2m.
34 Post Balance Sheet Events
On 7 January 2020 dim t More London site was assigned for a
gross consideration of GBP2m and on 8 January 2020 the Group repaid
the outstanding bank loan of GBP1.7m.
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
FR EAXDKFAEEEFA
(END) Dow Jones Newswires
March 17, 2020 03:00 ET (07:00 GMT)
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