Wasabi, the London-based sushi and bento chain led by Dong Hyun Kim, has further strengthened its openings pipeline with three further sites secures in London and a third unit lined up for New York, M&C Report has learnt
The 39-strong company, which saw turnover top £70m in the 16 months to December 2013, has secured sites in the capital at 293 Oxford Street, 59-61 Borough High Street and 6 St Pancras Square, Kings Cross.
The group has also secured a site in New York’s Fulton Street for an opening later this year. It is due to open in the city’s Westfield WTC scheme in March.
The company, which said that this year should see it explore additional funding options to complete anticipated store openings “in order to achieve the best commercial advantage to the company”, is set to ramp up its regional expansion plans this year, including the launch of its first airport site at Luton Airport and a unit at the Lion Yard Shopping Centre in Cambridge.
Turnover stood at £70.1m in the 16 months compared to £40.7m in the 12 months prior. Pre-tax profit was £480.6k compared to £2.84m the year before on the back of new openings and a “reorganisation of the operating group”.
