Restaurant group Tasty floats to expand Dim T chain
Pan-Asian restaurant chain Tasty has floated on the Alternative Investment Market, raising £1.75m to fund expansion of its oriental Dim T chain.
The company, which includes Ask and Zizzi creators Sam and Adam Kaye on its board, has three restaurants and plans to open another six by December 2007.
After today's successful placing at 52p per share, the company's entire issued share capital is valued at £11.75m.
In early morning trading, the group's shares were trading at a premium of 64% at 85.5p each.
Chief executive Jonny Plant said: "People are increasingly adventurous in terms of eating out and Dim T provides a genuinely different, ethnic dining experience and an alternative to existing restaurant concepts for our customers."
Plant has previously worked with Catey award-winning restaurateur and Wagamama founder Alan Yau on commercial operations, new projects and property.
Dim T has signed leases on three new sites: Tunbridge Wells in Kent, which opens in July; London's Gloucester Road, which opens in October; and Loughton, Essex, which will launch later this year.
The business was established in 1993 and there are currently Dim T restaurants in London's Hampstead, Highgate and Charlotte Street.
In the 12 months ended December 2005 the group had turnover of £2m and an operating profit of £110,000.
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By Chris Druce
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