Wasabi secures £30m loan to support ‘ambitious’ expansion plans

13/03/2018 - 07:00
Japanese restaurant chain Wasabi has secured a £30million loan from HSBC to “support its ambitious 2018/19 expansion plans.”

As well as facilitating a number of new store openings across the capital - the first set to launch in Russell Square this spring – the funding will also help expand the company’s Japanese and Korean bakery chain, Soboro, which it plans on bringing to the UK this year.

Managing director Frederic Lluch said: “Continuing to drive expansion is top of Wasabi’s agenda and with HSBC’s support - led by our relationship director Chris Priest - the new financial year will see us increase the presence of both Wasabi and Soboro in London.

“We’ll also be looking to build on our strategic partnerships as well as continuing to look at operational advancements.”

The £30m will also enable Wasabi to invest in its Central Processing Unit (CPU) to “improve operational productivity and efficiencies across the business, while striving for product consistency.” At 65,000 sq. ft., it provides “plenty of room for expansion, which the new funding is also expected to facilitate in the future.”

Nick Hicks, HSBC’s area director for Sussex and Surrey Corporate Banking Centre, added: “We have forged a good relationship with the Wasabi team, supporting the company’s growth both here and in the US over the last few years.

“We’ve been able to draw on our global expertise to put a competitive and tailored finance package in place which we hope will help the business continue to realise its future expansion plans.”

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