Wasabi to open 20 more sites after £25m funding deal

31 October 2016 by
Wasabi to open 20 more sites after £25m funding deal

Japanese-style grab-and-go sushi and bento chain Wasabi is to open 20 new sites in the UK and New York after it secured a funding package worth £25m.

The funding from HSBC is made up of a £20m, three-year revolving credit facility. In addition, HSBC has provided £4m of asset finance to develop Wasabi's 65,000 sq ft warehouse which houses the a Central Processing Unit (CPU), aimed at improving service and food quality.

HSBC is also providing a £1m overdraft facility to support Wasabi in the ongoing development of its business.

Wasabi was founded by Korean Dong Hyun Kim, a former fresh food market trader, in London in 2003. It operates 41 outlets across London, seven outside London and two in New York.

Scott Etherington, Wasabi finance director said: "This is a very important moment in the development of our business. 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. HSBC's sector knowledge and global footprint gives us the support we need to achieve our ambitions."

James Sawley, HSBC Head of Retail and Leisure 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. We worked closely with the business to ensure this deal was tailored to Wasabi's growth strategy and provided the business with a solid platform for growth here and overseas."

Home-grown harvest: Wasabi >>

Japanese-style group Oliver Maki to open first UK site in 2016 >>

Kimchee bar to open in November >>

Latest video from The Caterer

Are you looking for a new role? See all the current hospitality vacancies available with The Caterer Jobs >>

The Caterer Breakfast Briefing Email

Start the working day with The Caterer’s free breakfast briefing email

Sign Up and manage your preferences below

Check mark icon
Thank you

You have successfully signed up for the Caterer Breakfast Briefing Email and will hear from us soon!

Jacobs Media is honoured to be the recipient of the 2020 Queen's Award for Enterprise.

The highest official awards for UK businesses since being established by royal warrant in 1965. Read more.

close

Ad Blocker detected

We have noticed you are using an adblocker and – although we support freedom of choice – we would like to ask you to enable ads on our site. They are an important revenue source which supports free access of our website's content, especially during the COVID-19 crisis.

trade tracker pixel tracking