Tasty, the company behind the Wildwood restaurant chain, has reported “disappointing” sales in the lead up to Christmas. The firm, which also operates under the Dim T brand, had previously noted challenging conditions for the half-year period ending in September.
In a recent statement to shareholders, the company revealed that trading continues to be difficult due to increased pressure on consumer finances. “In these uncertain times, the board is maintaining a cautious outlook,” the company stated.
The group, which operates 32 restaurants under the Wildwood brand, attributes this to several adverse factors including a decline in consumer confidence and a noticeable decrease in discretionary spending. The upcoming increase in the National Living Wage and higher National Insurance contributions from April 2025, announced in the autumn Budget, are also expected to impact the business.
Last year, Tasty closed 18 of its restaurant sites following a challenging start to 2024. These closures were part of a restructuring plan aimed at focusing on stronger performing sites.
On Thursday, the casual dining business also announced that it has secured a settlement related to an insurance claim following the Covid-19 pandemic. Tasty informed investors that it has agreed a settlement worth £2.5 million with its insurer, comprising of £1.5 million plus creditor and legal costs. The settlement, which is expected to be received within 21 days, pertains to a claim for breach of an insurance contract for losses incurred in 2020.
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