Sushi takeaway concept K10 is exploring options for its next stage of growth, executive director Maurice Abboudi has told MCA.
Abboudi said having taken a year off expansion, five-strong K10 was now in early stage discussions about raising growth capital.
He is open-minded about what this could look like, but said with rents coming down, and property becoming available through CVAs and consolidation, now was a good time to expand.
Like-for-like sales growth at the Ian Neill-chaired-business was 8.8%, Abboudi said.
Abboudi told MCA: “We are actively looking to raise some funds. At the moment we’re at the very early stage of exploring what route we’re going to go down, and having discussions with a couple of people – though it’s very early days.
“We’ve taken the decision to raise growth capital and looking at all options – whether that’s a large sum to open 10 sites, or more gradual growth of one or two at a time.
“We think it’s the right time to look for opportunities, as rents are beginning to come into line.”
“When there’s blood on the streets, that’s the time to start investing.”
The core focus on further sites will be on takeaways, with the potential for a diner type format if there is a basement or upstairs seating.
K10’s virtual brand Katsu Kitchen was going “ok, but its not changed the world”.
“There’s no point in us putting massive amounts of money into marketing as Deliveroo control the customers,” Abboudi said.
Beer & Buns, the pop-up izakaya bar at K10’s Hackney site, is due to be refurbished.