The Company is providing 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 has announced its intention to dispose of sites and the Board is pleased to confirm that progress has been made in this area. The Company 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 today announces that it has accepted the resignation of Timothy Cundy as Finance Director. Tim will be serving three months' notice and will continue his responsibility for the 2017 year end financial statements and audit. The Company has identified a replacement with significant sector experience who will take over the finance function upon appointment. The Board would like to thank Tim for all his hard work over the last four years.
Tasty plc Tel: 020 7637 1166
Jonny Plant, Chief Executive
Cenkos Securities Tel: 020 7397 8900
This information is provided by RNS
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