Wildwood restaurants in Newmarket and Ely avoid the chop after Tasty PLC announces restructuring plans

A Suffolk restaurant has avoided the chop after a national chain announced a series of closures.

Tasty PLC, which runs the Wildwood and dim t brands, will close 14 loss-making sites after a ‘challenging’ start to the year.

It has branches in the High Streets of Newmarket and Ely, which are set to remain open.

Thirteen Wildwood restaurants and one dim t venue are set to close nationally.

A spokesperson for the business said: “In our pursuit of operational efficiency and long-term sustainability, we have decided to implement a restructuring plan.

“We understand the impact of these difficult decisions and 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.

“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.”

The spokesperson added that it is exploring all avenues possible to retain members of staff affected by the closures.

Wildwood restaurants in Bicester, Birmingham, Brentwood, Cambridge, Chichester, Edinburgh, Kettering, Kingston, Ludlow, Market Harborough, Plymouth, Skipton and Worcester will shut, while Loughton’s dim t branch will close.

The company’s financial performance was held back by underperforming sites which sparked the restructuring.

It is expected the plan will improve earnings by £2.1 million. This comes as the business 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.

To fund the restructuring Tasty PLC has entered a £750,000 loan agreement with Bet365 shareholder Will Roseff.

The proposals will be discussed with the company’s creditors before a court hearing expected later this month.