StockMarketWire.com - Restaurant operator Tasty has announced the exchange of contracts for the sale of its dim t More London site for a gross cash consideration of £2m.

The property disposal is in line with the company's strategy of reducing exposure where it is experiencing increasing property and labour costs, and strengthening its balance sheet.

The More London restaurant produced an EBITDA of £106,000 for the year ended 31 December 2018 and had a net book value of £878,000 as at 30 June 2019, Tasty said.

The sale proceeds, net of associated costs, are expected to amount to approximately £1.95m and will go towards paying off Tasty's remaining bank debt, and to funding its working capital and selected restaurant refurbishment plans.

Tasty confirmed that fourth quarter sales to date remain in line with management's expectations.


At 9:48am: [LON:TAST] Tasty PLC share price was +0.62p at 3.35p



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