Refinancing deal for YO! Sushi

19/12/06 00:00

The money, provided by Barclays Bank will fund a release of capital to shareholders, as well as enabling expansion plans scheduled for the next three years.

The company’s rollout strategy is designed to increase by nearly half the number of restaurants it owns, bring its tally up to approximately 50 units in the UK and abroad.

In 2003, the company, led by chief executive Robin Rowland and backed by private equity firm Primary Capital, underwent a management buy-out (MBO).

Since then, the chain has expanded to 29 sites across the UK as well eight international franchised restaurants.

Rowland said: “Having worked hard on reformatting YO! Sushi’s offering and estate at the time of the management buy-out (MBO), we have experienced tremendous and sustained growth in the business over the last few years.

“The delivery and performance of new sites in addition to continued high growth in like-for-like sales and profitability has proven the potential of YO! Sushi we always believed possible.”

Rob Foreman, from Primary, who joined the company’s board as a result of the MBO, said he thought the time was right to for the deal.

“The team, led by Robin Rowland, has developed the business and brand significantly over the last three years since the MBO,” he said.

“This is the right time to reflect that incremental value with a deal that returns capital to all shareholders in addition to setting the business up for the next stage in its growth.”