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Yo! Sushi earmarks 19 sites for closure in CVA proposal

17 August 2020 by
Yo! Sushi earmarks 19 sites for closure in CVA proposal

Yo! Sushi has earmarked 19 "unsustainable" or "loss making" sites for closure after launching a Company Voluntary Arrangement (CVA) to reduce overheads in the UK.

The group, which has 59 restaurants and 10 concessions in the UK, said it would also dispose of nine sites where it no longer operates but holds a lease, through the CVA.

It is thought the closures will lead to the loss of 250 jobs, although Yo! Sushi has said efforts will be made to redeploy team members where possible.

Richard Hodgson, CEO of YO!, said: "Like the rest of the sector, we need to take decisive action to adapt to the lasting changes that the Covid pandemic has brought about. While we have already taken measures to reduce costs, rents remain an issue. In the current climate, it's just not viable for us to keep any sites that no longer perform.

"While it's been a very difficult decision to make and I am very sorry that it will mean losing many of our team members, a CVA has become an essential measure to secure our business for the future, and enable us to protect as many jobs as possible."

Yo! Sushi is in the process of reopening sites and has made changes to require the pre-ordering of dishes, but retains its signature conveyor belt, is still used to deliver items to seats.

Creditors will vote on the CVA proposal on 1 September.

Picture: Shutterstock

TagsYo! Sushi and CVA
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