Wasabi’s backer Capdesia invested a further £10.8m into the business last year, in order to ensure it could meet its financial obligations and was well placed to invest in future growth post-pandemic.

As revealed in its accounts published on Companies House for the 52 weeks to 28 December 2019, Capdesia, through its investment vehicle Wasabi Participations Limited, agreed to invest the funds in August last year.

The investment was comprised of £5.8m listed loan notes and a £5m subscription for shares, and was implemented in two tranches, in September and October.

The group said it had “ambitious growth plans” and had implemented an operational infrastructure comprising of training programs and succession planning to enable the business to support growth opportunities.

“The group has plans to open further restaurants in the UK and remains confident that these will be successful and that it is able to improve the level of performance in its existing portfolio at the same time,” it said.

Wasabi Co Limited underwent a CVA, which was approved in September 2020, and resulted in a reduction in fixed rent costs, consisting of flexible rent arrangements based on a percentage of store sales for a two-year period, to September 2022.

Wasabi’s parent company took the decision to close its Soboro bakery last September, as they felt it was no longer viable, and in December 2020 Kim Korean Restaurants Limited, a subsidiary of the company was sold to Wasabi founder Dong Hyun Kim for £nil consideration.

 

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