Tasty PLC Statement re: Restaurant Closures (1146H)
23 Marzo 2020 - 8:00AM
UK Regulatory
TIDMTAST
RNS Number : 1146H
Tasty PLC
23 March 2020
23 March 2020
Tasty plc
("Tasty" or the "Company")
Statement re: Restaurant Closures
Further to the announcement on 20 March 2020 by the UK
Government that, inter alia, all pubs, bars and restaurants are
required to close in light of health issues associated with
COVID-19, the Company confirms that it has closed all of its 56
restaurants for in-store dining for the foreseeable future. The
restaurants will remain closed until the Company receives guidance
from the UK Government to the effect that restaurants are permitted
to re-open.
In the meantime, the Company is offering takeaway and delivery
services, where available, until such time as the Government
announces that it is prohibited from doing so or the Company
decides that it is not viable to continue the services. In
addition, free takeaway meals are currently being offered by the
Company to NHS and emergency services staff.
The Company will seek to mitigate the revenue loss by
implementing cost-cutting measures such as cessation of capital
expenditure and seeking preferential terms from landlords and
suppliers as well as relying on Government support for employees'
pay and VAT and business rate holidays. Concurrently, the Company
is taking measures to ensure staff retention where possible.
Given the Company's existing cash position with no debt, the
Directors confirm that during the period of shutdown and assuming
it is successful in implementing the cost cutting and cash
preservation measures referred to above, it has sufficient
financial resources for the foreseeable future.
In light of these rapidly changing exceptional events, the
Company will make further announcements, as appropriate.
For further information, please contact:
Tasty plc Tel: 020 7637 1166
Jonny Plant, Chief Executive
Cenkos Securities plc (Nominated adviser
and broker)
Mark Connelly / Katy Birkin / Cameron 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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