Wasabi (restaurant)

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 and New York, US, 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.[3] in November 2019, Henry Birts joined as CEO.[4]

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

Funding

In October 2016, the company secured £25 million in debt financing from HSBC to support expansion.[5]

In May 2019, Capdesia with co-investor Sushiro Global Holdings purchased minority stake of the company.[6]

Further investment was made by Capdesia with co-investor Sushiro Global Holdings in 2020 to become majority stakeholder. After becoming minority stakeholder, Founder Dong Hyun Kim stepped away from company operations in November, 2021.[7]

Company Voluntary Arrangement CVA

In August 2020, Wasabi launches CVA proposal under the supervision of KPMG.[8] Main reason for the CVA was to negotiate terms with creditors, especially lease agreement with landlords.

Restaurants

As of January 2015, they had 37 outlets in central London, and had opened their first one in New York, US.[3] In June 2015, they opened in Cambridge, England.[2] As of February 2018, Wasabi has a total of 61 branches around the world.[9]

Since October 2017, Wasabi has also been opening sushi counters in some M&S stores.[10]

See also

References
  1. "Branches : Wasabi". Retrieved 18 April 2019.
  2. Sweeney, Kate (18 June 2015). "Sushi surge as Wasabi opens £1m Cambridge outlet". Business Weekly. Retrieved 27 March 2016.
  3. Anderson, Elizabeth (3 January 2015). "New York expansion eats into Wasabi profits". Telegraph. Retrieved 27 March 2016.
  4. "Wasabi appoints Henry Birts as CEO". The Caterer. 10 October 2019. Retrieved 16 March 2022.
  5. "Wasabi gobbles up £25m funding to roll out new sites – Real Business". Real Business. 31 October 2016. Retrieved 1 September 2018.
  6. "Wasabi sells minority stake to Capdesia Group". The Caterer. 10 May 2019. Retrieved 16 March 2022.
  7. bighospitality.co.uk. "Dong Hyun Kim to step away from Wasabi". bighospitality.co.uk. Retrieved 16 March 2022.
  8. "Wasabi launches CVA proposal - KPMG United Kingdom". KPMG. 24 August 2020. Retrieved 16 March 2022.
  9. "Branches". Wasabi. Retrieved 15 February 2018.
  10. Weinbren, Emma. "M&S opens first Wasabi sushi counter". TheGrocer.co.uk. Retrieved 15 February 2018.


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