Japanese sushi and bento outlet Wasabi has secured a funding package worth £25 million from HSBC to help fund its ambitious expansion plans in the UK and New York.
The funding is primarily made up of a £20 million three-year revolving credit facility which will be used to fund the roll out of 20 new sites. In addition, HSBC has provided £4 million of asset finance to develop Wasabi’s 65,000 square feet warehouse which houses the new Central Processing Unit (CPU).
The new CPU will enhance Wasabi’s in-house food production capability to further improve its service and food quality, as part of Wasabi’s commitment to retaining as much control over food production as possible.
HSBC is also providing a £1 million overdraft facility to support Wasabi in the ongoing development of its business.
Scott Etherington, Wasabi Finance Director said: “This is a very important moment in the development of our business. With a well-established presence in London, successful outlets in major regional cities and two branches in New York, 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.”
Wasabi was founded by Korean Dong Hyun Kim in London in 2003. Today the business, with its mission to deliver fast, flavoursome and affordable food, operates 41 outlets across London, seven outside London and two in New York.