YO! Sushi, the conveyor-belt Japanese restaurant chain launched in Soho in the early 1990s, has begun preparations for a foray into the American restaurant market.
M&C Report understands that the group, led by Robin Rowland and backed by Quilvest, has started the search for franchise partners that will help build the brand in key US cities.
If successful, it will join other UK-established brands, such as Nando¹s, Pret A Manger, Ping Pong and Wagamama, in seeking to capitalise on the biggest restaurant market in the world worth more than $500bn (£325bn).
It is believed that YO! has appointed an established franchisee-finding firm based in North America to identify experienced multi-unit operators with a proven track record interested in partnering the group in the development of at least five restaurants within defined territories.
The group, which has more than 50 restaurants in the UK plus 13 overseas operated through franchise partners in Ireland, Russia and the Middle East is thought to favour the franchise model in the US as a faster route to growth. It hopes to establish a meaningful foothold within the next three-to-five years.
Other groups, such as Wagamama, have elected to pursue a directly-managed approach.
The group has a dedicated section on its website devoted to expansion in the USA. It says: "Reasonable build out costs, flexible foot print, an exceptional food margin and a system that requires low skill labour offers compelling unit economics. Quality and consistency are the cornerstones of our successful business model and we will ensure you are supported throughout this exciting journey."
The group is not thought to have set any timeline on the project.YO! Sushi was bought by Quilvest, a Paris-based private equity firm, in 2008 for £50m.
It recently filed accounts at Companies House for the year to December 2009, showing ebitda up to £6.8m on sales of £41.7m.
