The operator of 65 UK restaurants, Tasty Plc has provided a trading update for the 52 weeks ended 31 December 2017.
Trading for the period has been in line with expectations. The Board has previously highlighted the difficult trading environment faced by the restaurant sector and expects a further deterioration in 2018.
The company, which operates the Wildwood pizza joints and Dim T dim sum restaurants, has announced its intention to dispose of sites and the Board confirmed that progress has been made in this area.
Tasty has disposed of four underperforming sites and undertaken a sales-and-leaseback of one further site with net proceeds from these transactions totalling £2m. Two further sites are currently under offer and are expect to be disposed of in the coming months.
The Board also said it has accepted the resignation of Timothy Cundy as Finance Director. Cundy will be serving three months' notice and will continue his responsibility for the 2017 year end financial statements and audit.
The firm has identified a replacement with significant sector experience who will take over the finance function upon appointment. The Board thanked Cundy for all his hard work over the last four years.