Wildwood operator Tasty – trading below expectations, expects to shut sites: Wildwood operator Tasty has reported trading is below management’s revised expectations. The company stated: “The company is providing a trading update for the 26 weeks ended 2 July 2017 and its trading expectations for the 52 weeks to 31 December 2017.The company expects to report unaudited revenue for the 26 weeks ended 2 July 2017 of approximately £24,375,000 (27 weeks 2016: £21,794,000) and adjusted profit after tax of approximately £200,000 (27 week 2016: £1,283,000). Currently, the group has 65 restaurants in operation, seven Dim T and 58 Wildwood, with four Wildwood restaurants having opened during the interim period. In the group’s annual statements for the 53 week period ended 1 January 2017, released on 28 March 2017, the directors communicated to shareholders that, as with other restaurant operators, the directors expected the trading environment to be challenging. This has proved to be the case with trading across the estate below management’s revised expectations, as indicated by the half year finance performance of the company. The group has undertaken a full review of its estate, operational structure and cost base however the expected improvements from these initiatives are now unlikely to be significant in the current year. The directors expect the first half / second half weighting of its financial performance of the group to be similar to historic periods. The company remains profitable and has a strong balance sheet. The company expects to dispose of certain fixed assets during the second half of the financial year to strengthen the cash resources available to the group. The company also expects to close certain loss making sites which may lead to impairments but improved operational cash flow. The directors believe the group’s core ‘Wildwood’ brand remains attractive to customers and that the group has a property estate with desirable locations which will deliver significant financial performance. The directors continue to refine and improve the ‘Wildwood’ brand offering in a difficult trading environment. The group expects to release its interim results for the 26 weeks ended 2 July 2017 on 12 September 2017.”
Former Restaurant Group directors launch Threedom Leisure – in advanced talks on four sites ahead of launching first concept: Three former executive of The Restaurant Group are to launch a new bar and restaurant brand – an are in advanced talks over four more sites. The Cock ‘n’ Bull brand will be launched at a site in Stourbridge in the West Midlands, offering ‘filthy burgers and kick-ass chicken’, as well as offering a wide selection of drink options – from ‘craft and mainstream beers to an exciting and funky cocktail menu’. It is the first launch of Threedom Leisure founders David Salmon, Derek Mallon and Jason Green who have operated Frankie & Benny’s, Coast to Coast & Filling Station and Chiquito at The Restaurant Group. Between them they were responsible for over 350 restaurants across the length and breadth of the UK and an annual turnover in the region of half a billion pounds. Threedom Leisure is in advanced talks on four other sites across the UK where they plan to launch two more Cock ‘n’ Bulls along with two more concepts, which are currently under development. Central to a menu that is built around quality over choice will be free range chicken marinated in buttermilk, and burgers made from rare-breed, pasture fed, dry aged beef. Speciality sauces and rubs will also be a feature of the offer. The Stourbridge location will open on the high street in September.