Sushi and bento chain Wasabi is expanding its franchise operations after increasing sales by 16% in 2023.
The group grew its turnover to £120.3m for the year ending 30 December 2023, up £21.9m from £103m the previous year.
The chain currently operates 41 company-owned sites and is now planning to expand into franchising.
“Wasabi UK had a strong overall performance in 2023, delivering significant sales, profit and margin growth across the group,” said Wasabi CEO Henry Birts.
“As we continue our journey, we are on the lookout for quality partners to grow within selected territories and markets.
“The chain has multiple formats which successfully deliver volume, profit, and return on capital through simple and efficient operations.”
Wasabi operations in the US were also “delivering positive results” according to Birts, with new sites added to the three open in New York City.
“We are pleased with our 2024 performance thus far and reopened our highest sales unit in Penn Station in July, which is performing ahead of expectations. This profitable base gives us a strong platform for future growth in the States.”
The group also made a pre-tax profit of £7.7m in 2023 compared with a loss of £10m the previous year.
Wasabi launched its first loyalty app in November to increase its digital presence and loyalty, and is planning to roll out new features in February 2025.
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