Wasabi gains £30mn investment to aid UK expansion drive
The funding from HSBC bank will allow the Japanese restaur...
Sushi and bento chain Wasabi has secured a £30mn investment to fund its UK expansion plans.
The funding from HSBC bank will allow the Japanese restaurant chain to roll out a series of new Wasabi chains across London.
It will also allow the firm to expand the brand’s Japanese and Korean bakery named Soboro.
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On top of this, Wasabi also intends to use some of the funds to improve productivity at its warehouse and kitchen operations in London.
Launched 15 years ago by Korean entrepreneur Dong Hyun Kim, the chain has 51 stand-alone outlets as well as additional concessions in five branches of retailer Marks & Spencer.
“Continuing to drive expansion is top of our agenda and with HSBC’s support, led by our relationship director Chris Priest, the new financial year will see us increase the presence of both our brands in London,” said Frederic Lluch, Wasabi managing director. “We’ll also be looking to build on our strategic partnerships as well as continuing to look at operational advancements.”
Nick Hicks, HSBC’s area director for Sussex & Surrey corporate banking centre, was optimistic about the Japanese chain’s expansion.
“We have forged a good relationship with the Wasabi team, supporting the company’s growth both here and in the US over the last few years,” he said.
“We’ve been able to draw on our global expertise to put a competitive and tailored finance package in place which we hope will help the business continue to realise its future expansion plans.”
Just Eat delivers strong first quarter growth as revenues rise 50%
Strong order growth an...
Online takeaway company Just Eat delivered a strong start to the year reporting that revenues rose 49% during its first quarter.
Strong order growth and more high-value delivery orders were credited for the upbeat results as the group posted £177mn in revenue in the first three months of the year.
The takeaway delivery operator said that UK orders rose 24% to £29.7mn during its first quarter, noting that it processed its 400 millionth British order yesterday.
UK orders were lifted by the firm’s acquisition of rival Hungryhouse in January, which added an extra 1 percentage point to UK order growth, according to the company.
The firm also reported strong growth abroad noting that international orders were up 46% to £21.9mn.
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Just Eat said that this was driven by continued triple-digit growth in Canada and strong performances in Italy and Spain which offset “softness” in Australia.
“Just Eat has had a strong start to the year,” commented Peter Plumb, CEO. “We delivered our 400 millionth order in the UK, grew well in Italy and Spain, whilst powering continued momentum in our Canadian delivery service SkipTheDishes.
“I’d like to welcome all our important new Restaurant Partners to the Just Eat family, including those from our successful recent acquisition of Hungryhouse.”
Just Eat was the top rise on the FTSE 100 index, with its shares up more than 4%.
In March, Just Eat announced that it was investing £50mn in developing its own delivery service which has helped to boost its margins.