2nd Jan 2025 10:59
(Alliance News) - Tasty PLC on Thursday said it has agreed a GBP2.5 million settlement with its insurer, as it issued a cautious trading update.
The London-based casual dining restaurant operator said the settlement relates to a claim for breach of an insurance contract for losses arising in 2020.
Shares in Tasty were up 15% to 1.09 pence in London on Thursday morning.
Tasty said the settlement would be around GBP1.5 million, net of creditor costs and legal costs, and is payable to the company within 21 days.
In a trading update, the company said the casual dining market continues to face challenges from falling consumer confidence, inflationary pressures and tax increases.
Tasty noted that trading in the second half "continued to be challenging", with the key December period being "disappointing".
"In these uncertain times, the board is maintaining a cautious outlook."
A further trading update will be given in mid-January.
By Michael Hennessey, Alliance News reporter
Comments and questions to [email protected]
Copyright 2025 Alliance News Ltd. All Rights Reserved.