YO! Sushi, the Quilvest-backed group led by Robin Rowland, has reported an 8% rise in EBITDA for the year to 27 November 2011to £8.8m.
In the 12 months, YO! Sushi grew sales by 15% to £58m and opened eight restaurants worldwide, bringing its total restaurant numbers to 69.
Since the year end, the company has continued to invest in supporting further restaurant openings, with eight opened up to August 2012, including its first in the US.
During the year to 27 November 2011, the group opened six sites and closed two (Harrods Brompton Rd and Selfridges Central Manchester due to landlords redevelopment) in the UK. In addition, it closed two overseas units, while two were opened by its franchise partners, bringing its overseas estate to 11 locations by the end of the year.
Staff costs during the year rose from £16.5m to £19.2m, while staff numbers fell slightly from 1,573 to 1,549, which reflects a switch to more full-time members of staff.
Directors have not recommended that a dividend be paid.
The group’s results come as it is exploring its estate management options, including opportunities to dispose of a few selected sites, at the same time as continuing a sustained roll out of the brand, with 12 new sites set to come on line this year in total.
M&C Report understands that the group is looking at the option of disposing of a handful of locations that no longer fit with the evolution of the brand, but will only part with the sites where premiums offered make considering a sale an attractive option.
At the same time, YO! will open 12 sites in total this year, including its recently opened first site in the US in Washington, its first unit in Norway and the relaunch of its outlet in Heathrow Terminal 3.
Further openings this year will take place at the Browns site in Windsor, in York and in Exeter to take the group’s estate to 67 in the UK and 81 in total.
In total the group will have opened 40 sites since principal backer Quilvest’s invested in the business in March 2008.
The group made its debut in the US, at Washington DC’s Union Station last month, and the unit is thought to be trading very well.
The company, which has teamed up with the Sushi Company of North America to initially open up to 10 outlets in the US, is already on site for its second opening in the city’s Chinatown, with an opening scheduled for later this year.
