Wasabi is to roll out a further 20 of its sushi chains in the UK and US after securing a £25m bank funding package.
The Japanese sushi and bento food-to-go outfit, founded in 2003 by Dong Hyun Kim, currently has the majority of its 48 UK outlets in the south, with 41 in London and just one in the north (in Leeds). It also has two in New York in the US.
The funding agreement with HSBC is primarily made up of a £20m three-year revolving credit facility, which will be used to bankroll the 20 new sites in the UK and in New York.
In addition, the bank has provided £4m of asset finance to develop Wasabi’s 65,000 sq ft warehouse which houses the new central processing unit (CPU).
Wasai said the CPU would enhance in-house food production capability to further improve service and food quality as it seeks to retain as much control over food production as possible.
“This is a very important moment in the development of our business,” said Wasabi finance director Scott Etherington. “With a well-established presence in London, successful outlets in major regional cities and two branches in New York, this deal provides us with the backing to push on to the next stage of our expansion plans in the UK and internationally.”
James Sawley, head of retail and leisure for HSBC in the UK, added: “The growing popularity of sushi and the food-to-go market across the UK has enabled Wasabi to grow quickly but organically, ensuring each new outlet is adapted for its local market.”
HSBC is also providing a £1m overdraft facility to support Wasabi in the ongoing development of its business.
Wasabi declined to give further details on how many of the new 20 sites will be in the UK versus the US, and whether it would concentrate UK growth in the south of England or expand further in the north.
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