David Page in talks to raise funds to take the helm at Wildwood-owner Tasty: Industry veteran David Page, the former chairman of Franco Manca-owner Fulham Shore and ex-chief executive of PizzaExpress, is in talks to raise circa £10m in a deal that would see him take the helm at Tasty, the listed operator of the Wildwood and Dim T brands. Shares in Tasty have climbed 54% to 0.85p on the news, first reported by Sky News. Page is reportedly seeking close to £10m of new funding from institutional investors. If successfully implemented, the deal would see Page installed as executive chairman of Tasty, which would be renamed Bow Street Group on the London Stock Exchange. Tasty would acquire a cash shell owned by Page and associates as part of the deal. It would then seek to acquire a number of brands, for which it would act as an incubator. Nick Wong, who worked with Page at two of his previous ventures, would become Bow Street Group's finance chief if the plan is successful. Tasty said: “Tasty notes the recent share price movement and press speculation regarding the possible appointment of David Page, former chief executive of PizzaExpress and former executive chairman of The Fulham Shore, to the board of the company and the possibility of the company undertaking an equity capital raise. The board confirms that it has held advanced discussions with David Page and Nicholas Wong, former finance director of The Fulham Shore and that it is evaluating funding options with a view to investing in future strategic opportunities for the company, which may involve an equity placing. The company will make further announcements as and when appropriate.” Tasty launched a restructuring plan last year which saw more than a third of its 54 sites jettisoned. Recent trading at the company is said to have improved, although it continues to face the headwinds of inflationary cost pressures and the impact of tax increases. As part of Page's fundraising plans, existing and proposed board members would commit more than £1m to a share placing, according to restaurant sector insiders. Sources said his plans included a review of Tasty's existing sites. The fundraising is being coordinated by Cavendish and Allenby Capital, the investment banks. A spokesman for Page declined to comment. In May, Tasty said current trading was tracking behind last year but that it is expecting an uplift in sales and return to profitability once the disruption from its restructuring plan subsides. The group reported revenue of £36.6m for the year (2023: £46.9m), a decrease of 21.9% year-on-year, driven by the closure of 16 trading units through the group restructuring plan initiated in April 2024. At the period end, the group comprised 36 restaurants: four dim t and 32 Wildwood. In May, Propel revealed that Page had secured the first round of fundraising for his new sector-focused investment venture, and had begun talking to a number of businesses regarding potential backing. The former Fulham Shore chairman and current MeatLiquor shareholder, who co-founded Clapham House, which included Gourmet Burger Kitchen, Bombay Bicycle Club and Tootsies, before selling to Nando's, raised an initial £250,000 through SEIS for his new venture – The Ventnor Bay Company. It is thought he has already secured the backing of many of those who previously backed the initial launch phase of Fulham Shore. Tasty features in the Propel Turnover & Profits Blue Book, which is available exclusively to Premium subscribers and features 1,138 companies. Tasty’s turnover of £36,615,000 for the year to 29 December 2024 is the 336th highest in the database. A Premium Club subscription costs an annual sum of £495 plus VAT for operators and £595 plus VAT for suppliers. Companies can now have an unlimited number of people receive access to Premium Club for a year for £995 plus VAT – whether they are an operator or supplier. Email kai.kirkman@propelinfo.com today to sign up.

Welcome Break – strong start to 2025, non-fuel sales up 3% year on year, traffic now close to pre-pandemic levels: Motorway service station operator Welcome Break, which is owned by Applegreen, has reported that 2025 started strongly for the business, with non-fuel sales up 3% year on year, as it said that traffic is now close to pre-pandemic levels overall, and is noticeably stronger at weekend. The 61-strong business, which opened a new service station in Leicestershire last week, in Hickling, said it was “well set up” for the upcoming peak holiday season with “strong momentum from the first few months of trading in 2025”. The business said it had a very successful year in 2024 “with a record performance in terms of Ebitda profitability. It said: “This was despite a relatively slow Q1 where the UK was exiting from a period of high inflation which had impacted on consumer confidence. From April onwards the business performed exceptionally well especially in the peak holiday periods. Fuel margins were strong throughout the year with new catering units performing strongly. Turnover for the year was £928.7m being a 1.2% increase year on year (2023: £917.5m). This increase was mainly due to the strong catering performance. Operating profit before adjusted items, depreciation amortisation and property rents (Ebitdar) was £118.8m (2023: £ 111.4m), with operating profit before adjusted items for the year of £50.2m (2023: £50.0m). Pre-tax profit for the year stood at £35.1m (2023: £35.9m). Capital expenditure in the year was £29.5m (2023: £20.8m) which included the opening of a number of new catering units, notably Greggs and Pret A Manger, as well as the introduction of a new brand in Taco Bell, with three of these units opening during the year. Overall traffic on the motorways passing the sites was in growth increasing by just under 2% year-on-year. Traffic is now close to pre-pandemic levels overall, although noticeably stronger at weekends as a result of the leisure trade at weekends, with continued home-working impacting commuter trade somewhat during the working week. The business does benefit from a higher spend per transaction from leisure travellers, so this mix change has been beneficial in terms of sales.” The business said it has a number of development sites in progress which are at various stages in the planning process.