Tasty PLC (AIM:TAST) is about to start a new chapter, with a major shake-up in both leadership and strategy.
The company has lined up a £9.25 million fundraising round, an amount that’s well above what it could have achieved without the pull of David Page, the serial restaurant entrepreneur behind PizzaExpress and Fulham Shore.
Alongside Page, who will chair the group, Nick Wong, another seasoned hand in restaurant growth, is joining as chief financial officer.
The fresh cash injection comes with a plan to buy Ventnor Bay, a cash shell set up by Page, and to rebrand as Bow Street Group.
The new team aims to invest in Tasty’s existing restaurants, upgrade technology, and set the stage for acquiring other brands.
Management is already talking about making four to six acquisitions over the next three years, with a focus on quality and scalable concepts.
Announcing the fundraiser, Page told investors: "With many successful smaller restaurant businesses - typically with two to approximately 15 sites - finding it difficult to raise financing, the Bow Street Group will be a highly attractive platform for exciting brands, offering structural benefits of scale, operational synergies, and attractive incentivisation plans for entrepreneurial management teams.
"We aspire to deliver four to six acquisitions over the first three years with a focus on high-quality, great value for money offerings with the potential to scale across the UK.
"Along with Nick, I am excited to join the group and deliver our growth strategy to generate value for the group's shareholders."
While the shares were off 24% on Monday, this was solely technical and related to the share issue.
A retail offer could bring in a further £1 million of new investment.