Wasabi is planning to open up to 20 new sushi restaurants, having secured a £25m funding package from HSBC.
The £25m package comprises of a £20m three-year revolving credit facility, a £4m asset finance deal for the warehouse and a £1m overdraft to support general business. The £20m proportion has been secured to fund the roll out of 20 new Wasabi sites.
The company was founded by Korean Dong Hyun Kim in London in 2003, and now operates 41 sites across the capital, seven beyond London, and two in New York.
Scott Etherington, Wasabi finance director, said, “This is a very important moment in the development of our business. 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.”