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Wed 30th Sep 2020 - Tasty exploring potential CVA as it assesses options
Tasty exploring potential CVA as it assesses options, secures £1.25m loan: Wildwood operator Tasty has appointed advisers to assess its options, including a potential company voluntary arrangement (CVA). The company stated: “In light of the continued economic uncertainty and the impact of covid-19-related restrictions, the company has secured a £1.25m, four-year term loan from its existing bankers, Barclays, in order to strengthen its balance sheet and provide additional working capital support. The facility is available to be drawn down until 7 February 2021, however, draw down is restricted until the future of the company is assured through restaurant closures and creditor arrangements. The facility has a capital repayment holiday of 12 months and carries interest at a rate of 4.5% per annum over the Bank of England base rate, following draw down. While no decision has yet been made, the board is continuing to work with its advisers, KPMG, to assess the potential impact of covid-19 on the business and the various strategic options available to the company, including a potential CVA. The company will commence consensual negotiations with landlords and other creditors shortly and anticipates this process will be completed by the end of November. The board believes given the recently announced additional covid-19-related regulations and the probability of future tighter restrictions in the near future, all potential options should continue to be explored but, with creditor assistance, a more formal procedure may be avoided.” In July, Tasty revealed it was exploring ways to strengthen its balance sheet and also announced 284 redundancies.

‘First Dates’ TV show restaurant owned by D&D London to relocate: D&D London has announced Paternoster Chophouse, the restaurant used by Channel 4 for its First Dates show will relocate. A refurbishment of 1 Warwick Court in Paternoster Square – where the restaurant is housed – means operations will transfer to nearby 60 Ludgate Hill. Paternoster Chophouse will close at its current venue at the end of November and reopen at its new address shortly afterwards. D&D London co-founder and chief executive Des Gunewardena said: “Paternoster Chophouse is a very successful and popular restaurant, particularly given its association with First Dates. We are, therefore, pleased to have secured a site only a short walk away from the restaurant’s current location.” The new site will be designed by Design LSM, which has also worked on the interior of Klosterhaus, D&D’s new restaurant that opens on Friday (2 October) in Bristol. D&D London owns and operates restaurants in London, Leeds, Manchester, Paris and New York and the 80-bedroom South Place Hotel in London.

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