Much-loved Asian restaurant chain to close all but ONE venue as part of major overhaul in huge blow to diners
A MUCH-LOVED Asian restaurant chain is set to close all but one location in a major overhaul.
Tasty, the chain owner, has announced plans to shutter the sites in a huge blow to diners.
Dim T, which trades from six branches, will seize operation of all its sites except one.
It isn’t confirmed yet when they could shut and which location would remain open.
But the chain owner – which comprises 54 restaurants – cited “challenging” start to the year as the reason for closure.
Tasty, which also owns Wildwood, said it plans to exit around 20 loss-making restaurants as part of restructuring plans.
The group’s plan called for closing of 18 branches – two of which had already been shut.
A spokesperson said: “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.”
At the moment, Tasty runs three sub-let locations, two non-trading locations, and 43 Wildwoods and six Dim-T pan-Asian restaurants.
The hospitality group reported on Tuesday that a “tail of underperforming sites” is still impeding its financial performance.
Tasty stated that by the end of the current year, company plans to run about 30 restaurants.
Tasty also announced it will enter into a new £750,000 loan agreement with Bet365 shareholder Will Roseff in order to fund the restructuring.
Bosses said they expect the plan will improve earnings by up to £2.1million by the 2025 financial year, largely through the restaurant closures and other cost savings.
The proposals are to be put to Tasty’s creditors before a court hearing expected later this month.
On Tuesday, Tasty added that it expects to confirm revenues of around £46.9million for 2023, up from £44million in 2022.
It also trimmed its earnings loss to £900,000 last year from a £2.7million loss a year earlier.
The group says it has made “reasonable progress” so far this year “despite difficult recent trading conditions”.
Dim T Restaurant Locations
- Dim T – Charlotte Street, London
- Dim T – Hampstead, London
- Dim T – Victoria, London
- Dim T – Whiteley, Hampshire
- Dim T – Winchester, Hampshire
- Dim T – London Pl, London (permanently closed)