Fri 3rd Mar 2023 - Exclusive: Wasabi secures new funding, trading ‘encouraging’ Exclusive – Wasabi secures new funding, trading ‘encouraging’: Wasabi, the sushi and bento chain backed by Capdesia, has secured new funding to support its growth, Propel has learned. Capdesia, which acquired a minority stake in Wasabi in 2019, has partnered with Elliott Advisors (UK) to lead a recapitalisation of Wasabi. This new funding positions Wasabi for future growth while also strengthening the balance sheet. Wasabi said trading has been encouraging in the first two months of the year. The restaurant business consistently outperformed 2019 comparables throughout the fourth quarter of 2022 and it said the trend has improved through the start of 2023, despite the impact of numerous rail and tube strikes. The grocery business has continued its impressive growth trajectory, achieving record weekly sales following the products’ success in Sainsbury’s and the recent launch in Tesco. Henry Birts, chief executive of Wasabi, said: “Like many on the high street, we navigated our way through the myriad uncertainties and extraordinary cost pressures of the last couple of years. We have a fantastic brand and offering that is delivering quality and value to our customers across restaurants and grocery. We have also supported and strengthened our teams at all levels through focused recruiting, increased pay levels and enhanced training and development. There is still plenty more work to do and no doubt challenges ahead, but we are excited about the future both in the UK and abroad.” Interpath Advisory is understood to have advised Wasabi on the deal. Propel revealed in December that Capdesia was looking to inject further capital into Wasabi to strengthen the balance sheet and to fund further growth. Wasabi has 46 sites (43 in the UK and three in New York City) and a ready meal grocery range distributed in more than 1,100 Sainsbury’s and 1,500 Tesco stores across the UK. Turnover for the year ending 25 December 2021 was £66,305,782 compared with £47,041,832 the previous year, with Ebitda improving to a profit of £530,927 (2020: loss of £5,760,434). The company’s store business saw sales return to pre-pandemic levels reported for the year to December 2019, boosted by strong growth in its partnership with Sainsbury’s. Wasabi features in Propel’s Turnover & Profits Blue Book, which is updated each month and now features 705 UK pub, restaurant, cafe and hotel operators. Its full-year turnover of £66,305,782 is the 99th highest in the database. The Blue Book ranks companies by turnover, profit and profit conversion, listing directors’ earnings for the past five years. Companies can now have an unlimited number of people receive access to Propel Premium for a year for £895 plus VAT – whether they are an operator or a supplier. The single subscription rate is £445 plus VAT for operators and £545 plus VAT for suppliers. Email jo.charity@propelinfo.com to upgrade your subscription.