Telford restaurant Wildwood enters £10m investment talks with Pizza Express tycoon
Food chain Wildwood is in talks with restaurant tycoon David Page over a deal which could see around £10m invested in the business.
The potential deal could see Mr Page join the company in an effort to secure new investment, according to news agency PA.
Last year, owners Tasty group announced that 18 of its restaurants would be closing as part of a turnaround plan, although the Telford outlet in Southwater was not among those under threat.
In January, the firm announced it was retaining a "cautious" approach due to declining consumer confidence during the cost of living crisis, while shares in the company have dropped to a record low in recent weeks in the face of tumbling revenues as it seeks to turn around its fortunes.
On Monday, it confirmed it has held talks with David Page, the former boss of Pizza Express and Franco Manca owner over a move which would see him appointed to the group’s board.
Tasty, which also owns the Dim T brand, said it is also in talks with Fulham Shore finance director Nicholas Wong as part of the proposed deal.
The group is also “evaluating funding options” as a result, which could include raising cash through an equity placing.
It comes after Sky News reported that Mr Page is seeking to secure close to £10 million in new funding from institutional investors.
The report indicated that a deal could see Mr Page installed as executive chairman of Tasty and rename the business as Bow Street Group on the London Stock Exchange.
Shares in the company shot 81% higher to 1p following the update on Monday.
