Tasty, the casual dining owner and operator, has swung to a loss after tax of £12.7m for the year ended 27 December 2020, following profits of £300,000 the previous year.
The group’s revenue for the year was “significantly impacted by Covid-19 related restrictions”, declining 45.7% year-on-year to £24.2m.
Currently, its pizza, pasta, and grill restaurant chain Wildwood is open for takeaway at 34 of its 49 sites, while Dim T, its pan-Asian restaurant, is trading for takeaways at four of its five sites.
The year commenced with Tasty offloading its More London dim t restaurant for £2m, in turn allowing the group to repay its bank loan and enter the pandemic with “no banking covenant pressure”.
Keith Lassman, chairman at the company, said: “As previously communicated, cash preservation has been key to maximising the group’s ability to manage the impact of the pandemic.
“With lockdown continuing into this year, in January 2021, the group drew down its £1.25m, four year term loan from its existing bankers, Barclays Bank plc, secured in September 2020, in order to strengthen its balance sheet and provide additional working capital.”
While the group has maintained a net cash for the period at £1.5m, due to Covid-19 it has had to make one-third of its staff redundant.
Tasty said that while it has so far managed to avoid a CVA, it “will again be relying on Government support” where available.