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Wasabi (restaurant)

Wasabi
Company typeLimited
IndustryFast Food
Founded2003
Headquarters
London
,
United Kingdom
Number of locations
47 (March 2022)
Area served
mostly London, other locations in England,[1] and New York, US[2]
Key people
Dong Hyun Kim (Founder) Henry Birts (CEO)
RevenueIncrease £64 million (2014)[3]
Number of employees
1,500 (2015)[3]
Websitewww.wasabi.uk.com

Wasabi is a fast food restaurant chain based in the United Kingdom, focused on Japanese, East Asian-inspired fast food, especially sushi and bento, and operating primarily in London, England, with further branches elsewhere in England as of 2022.[1] Wasabi was founded in London in 2003 by Dong Hyun Kim, a South Korean entrepreneur.[4] In November 2019, Henry Birts joined as CEO.[5]

Funding

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In October 2016, the company secured £25 million in debt financing from HSBC to support expansion.[6]

In May 2019, Capdesia, with co-investor Sushiro Global Holdings, purchased a minority stake of the company.[7]

Further investment was made by Capdesia with co-investor, Sushiro Global Holdings, in 2020 to become the majority stakeholder. After becoming a minority stakeholder, founder Dong Hyun Kim stepped away from company operations in November 2021.[8]

Finances

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In August 2020, Wasabi launched a CVA proposal under the supervision of KPMG.[9] The main reason for this was to negotiate terms with creditors, especially lease agreement with landlords.

For the year ending in December 2020 during the covid pandemic in the UK, turnover dropped by 56.7%.[10] Thereafter turnover improved considerably and the chain was considering expansion in the suburbs, but it was reported in January 2023 that the group was in breach of some of its loan covenants; directors said they had a "reasonable expectation" that a waiver obtained from the lender would be extended, but that this cast "significant doubt" on the group's ability to continue as a going concern.[11]

Restaurants

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As of February 2024, Wasabi has 41 outlets in England, 35 of which are in London. By February 2018, Wasabi had 61 branches around the world,[12] including two in New York, US.[2]

Since October 2017, Wasabi has also been opening sushi counters in some Marks & Spencer stores.[13]

See also

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References

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  1. ^ a b "Find a Wasabi". Wasabi. Retrieved 10 May 2023.
  2. ^ a b "Welcome to Wasabi!". Wasabi (US). Retrieved 10 May 2023.
  3. ^ a b Sweeney, Kate (18 June 2015). "Sushi surge as Wasabi opens £1m Cambridge outlet". Business Weekly. Retrieved 27 March 2016.
  4. ^ Anderson, Elizabeth (3 January 2015). "New York expansion eats into Wasabi profits". Telegraph. Retrieved 27 March 2016.
  5. ^ "Wasabi appoints Henry Birts as CEO". The Caterer. 10 October 2019. Retrieved 16 March 2022.
  6. ^ Ruthven, Hunter (31 October 2016). "Wasabi gobbles up £25m funding to roll out new sites". Real Business.
  7. ^ "Wasabi sells minority stake to Capdesia Group". The Caterer. 10 May 2019. Retrieved 16 March 2022.
  8. ^ bighospitality.co.uk (November 2021). "Dong Hyun Kim to step away from Wasabi". bighospitality.co.uk. Retrieved 16 March 2022.
  9. ^ "Wasabi launches CVA proposal - KPMG United Kingdom". KPMG. 24 August 2020. Retrieved 16 March 2022.
  10. ^ Price, Katherine (11 March 2022). "Pandemic more than halved Wasabi turnover". The Caterer.
  11. ^ Price, Katherine (3 January 2023). "Wasabi eyes suburban expansion opportunities". The Caterer.
  12. ^ "Branches". Wasabi. Retrieved 15 February 2018.
  13. ^ Weinbren, Emma. "M&S opens first Wasabi sushi counter". TheGrocer.co.uk. Retrieved 15 February 2018.
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