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Wildwood owner Tasty announces closure of Cambridge branch




The restaurant firm behind the Wildwood chain has announced the closure of its Cambridge branch.

Tasty, which also runs sites under Dim T brand, said it plans to exit loss-making restaurants after a “challenging” start to the year.

Wildwood restaurant chain owner Tasty has revealed closure plans as part of a major restructuring move (Wildwood/PA)
Wildwood restaurant chain owner Tasty has revealed closure plans as part of a major restructuring move (Wildwood/PA)

In a statement, it said: “In our pursuit of operational efficiency and long-term sustainability, we have decided to implement a restructuring plan.

“As part of this process, we have closed Wildwood Bicester, Birmingham, Brentwood, Cambridge, Chichester, Edinburgh, Kettering, Kingston, Ludlow, Market Harborough, Plymouth Derry’s Cross, Skipton, Worcester, and Dim T Loughton.

“We understand the impact of these difficult decisions, but unfortunately, they represent the steps needed to navigate a path through the challenges which are prevalent in our industry specifically, and the economy in general. We are confident that the changes will ensure the long-term viability of the company and will protect the employment of the majority of our staff.

“Our primary focus will be on optimising the performance of our remaining Wildwood and Dim T restaurants and thereby securing the long-term viability and profitability of the company.

“We really want to express our gratitude to all our fantastic staff who continue to show unwavering dedication and commitment during these difficult times. We, in turn, are working diligently to explore all avenues to retain as many of our teams from the closed sites as we possibly can within the company.”

On Tuesday, the hospitality group said its financial performance “continues to be inhibited by a tail of underperforming sites, despite efforts at improving operational performance”.

The company added: “The use of a restructuring plan is considered the most effective means to reorganise the group to return it to profitability and secure its long-term future which should change the financial viability, profitability profile and long-term prospects of the group.”

It will also enter into a new £750,000 loan agreement with Bet365 shareholder Will Roseff in order to fund the restructuring.

Tasty’s bosses said they expect the plan will improve earnings by up to £2.1 million by the 2025 financial year, particularly through the restaurant closures and other cost savings.

The group said it expects to operate around 30 restaurants by the end of the current year.

On Tuesday, Tasty added that it expects to confirm revenues of around £46.9 million for 2023, up from £44 million in 2022.

It has also trimmed its earnings loss to £900,000 last year from a £2.7 million loss a year earlier.

The group has made “reasonable progress” so far this year “despite difficult recent trading conditions”.





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