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Morning Briefing for pub, restaurant and food wervice operators

Mon 7th Nov 2016 - Tasty raises £9m to fund Wildwood expansion
Tasty raises £9m to fund Wildwood expansion: Wildwood operator Tasty has made a conditional placing of 6,210,000 new ordinary shares at a price of 145 pence per share to raise £9m. The new shares represent about 11.6% of the current issued share capital of the company. The placing price is at zero discount to the closing middle market price of the company on 4 November. The proceeds from the placing will be used by the company to fund the continued expansion of its restaurant estate. The company stated: “The directors of the company are pleased to confirm that current trading remains in line with expectations and that the continued roll-out of the Wildwood restaurant brand is proceeding well.” In September, Tasty reported sales increased by 28% in the 28 weeks to 3 July on the corresponding period to £21,794,000 (2015 – £17,050,000). Adjusted operating profit, before pre-opening costs, non-trade items and interest, was £1,925,000 (2015 – £1,684,000), a 14% increase on the corresponding period and adjusted pre-tax profit for the period increased by 17.5% to £1,615,000 (2015 – £1,375,000). Wildwood currently operates 50 restaurants, with openings due in the next couple of months in , Bournemouth, Northwich, York and Edinburgh, which will be the brand’s first site in Scotland. It has also been given permission to open a site in Skipton, North Yorkshire.
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