Wildwood restaurant operator eyes closure of 20 'underperforming' sites

The restaurant group behind the Wildwood casual dining brand is planning to shut almost half its estate as part of a major restructuring.

Tasty, which also operates the Dim T brand, said it was looking to exit 20 loss-making restaurants in the face of 'difficult recent trading conditions'.

These would include 18 trading sites, the locations of which have not been confirmed, and two venues already closed to customers.

The group's board has put forward a restructuring plan it said would help ensure its long-term survival.

Tasty's 43 Wildwood restaurants serve pizza, pasta, burgers, and steak and occupy a number of heritage buildings.

The Dim T brand trades from six sites and serves over 20 types of handmade dim sum.

Tasty said it was looking to take out a loan of up to £750,000 to fund the restructuring plan and provide extra capital to 'stabilise the company' in 2024.

The group reported revenue of £46.9m in 2023, up from £44m in 2022. EBITDA losses narrowed from £2.7m in 2022 to £900,000 last year.

In a trading update, Tasty said it had taken steps to cut costs including reducing staffing levels, amending opening hours and temporarily closing during quieter periods.

'Having invested significant time and resources, the board unanimously believes that progressing the loan agreement and restructuring plan are in the best interests of the company,' Tasty said.

The restructuring plan will be circulated to Tasty's creditors before a court hearing, which is expected later this month.