Wasabi is a fast food
restaurant chain
A chain store or retail chain is a retail outlet in which several locations share a brand, central management and standardized business practices. They have come to dominate the retail and dining markets and many service categories, in many pa ...
based in the United Kingdom, focused on
Japanese,
East Asian
East Asia is the eastern region of Asia, which is defined in both geographical and ethno-cultural terms. The modern states of East Asia include China, Japan, Mongolia, North Korea, South Korea, and Taiwan. China, North Korea, South Korea ...
-inspired fast food, especially
sushi
is a Japanese dish of prepared , usually with some sugar and salt, accompanied by a variety of , such as seafood, often raw, and vegetables. Styles of sushi and its presentation vary widely, but the one key ingredient is "sushi rice," also ...
and
bento
A is the Japanese iteration of a single-portion take-out or home-packed meal, often for lunch. Outside Japan, it is common in other East and Southeast Asian culinary styles, especially within Chinese, Korean, Singaporean cuisines and more, ...
, and operating primarily in London, England and New York, US, with further branches elsewhere in England as of 2022.
Wasabi was founded in London in 2003 by
Dong Hyun Kim, a South Korean entrepreneur.
In November 2019, Henry Birts joined as CEO.
Funding
In October 2016, the company secured £25 million in debt financing from
HSBC
HSBC Holdings plc is a British multinational universal bank and financial services holding company. It is the largest bank in Europe by total assets ahead of BNP Paribas, with US$2.953 trillion as of December 2021. In 2021, HSBC had $10.8 tr ...
to support expansion.
In May 2019, Capdesia, with co-investor Sushiro Global Holdings, purchased a minority stake of the company.
Further investment was made by Capdesia with co-investor, Sushiro Global Holdings, in 2020 to become the majority stakeholder. After becoming a minority stakeholder, founder Dong Hyun Kim stepped away from company operations in November 2021.
Finances
In August 2020, Wasabi launched a
CVA proposal under the supervision of KPMG. The main reason for this was to negotiate terms with creditors, especially lease agreement with landlords.
For the year ending in December 2020 during the
covid pandemic in the UK, turnover dropped by 56.7%. Thereafter turnover improved considerably and the chain was considering expansion in the suburbs, but it was reported in January 2023 that the group was in breach of some of its loan covenants; directors said they had a "reasonable expectation" that a waiver obtained from the lender would be extended, but that this cast "significant doubt" on the group's ability to continue as a going concern.
Restaurants
As of January 2015, Wasabi had 37 outlets in central London, and had opened their first branch in New York.
In June 2015, a restaurant opened in
Cambridge
Cambridge ( ) is a university city and the county town in Cambridgeshire, England. It is located on the River Cam approximately north of London. As of the 2021 United Kingdom census, the population of Cambridge was 145,700. Cambridge bec ...
, England.
By February 2018, Wasabi has a total of 61 branches around the world.
Since October 2017, Wasabi has also been opening sushi counters in some
Marks & Spencer
Marks and Spencer Group plc (commonly abbreviated to M&S and colloquially known as Marks's or Marks & Sparks) is a major British multinational retailer with headquarters in Paddington, London that specialises in selling clothing, beauty, home ...
stores.
See also
*
List of sushi restaurants
References
External links
*
*
Restaurants established in 2003
Restaurant groups in the United Kingdom
Asian restaurants in London
2003 establishments in England
British brands
Fast-food chains of the United Kingdom
Sushi restaurants in the United Kingdom
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