Pandemic more than halved Wasabi turnover
The onset of the pandemic in 2020 more than halved turnover at Wasabi, falling by 56.7% to £50.9m.
In its financial results for the year to 26 December 2020 filed with Companies House which included its US operations, the Japanese fast-food brand said earnings before interest, tax, depreciation and amortisation (EBITDA) fell by 485% to a loss of £7.8m.
The impact of lockdowns and coronavirus restrictions led to the closure of its Soboro bakery in Cambridge and the group entered a Company Voluntary Arrangement (CVA) which saw the closure of five stores and 600 roles made redundant.
During the period, Wasabi expanded the grocery and delivery arms of the business and grew its footprint in suburban areas to adapt to changing lifestyles. It said this contributed "significantly" to mitigate against the reduction of in-store sales.
£10.8m of additional funding was raised from the group's existing investors as well as £2m of additional loans.
Wasabi plans to open further restaurants in the UK following the completion of its CVA. The group has 43 stores open and operational in the UK in London, Birmingham, Cambridge, Kent, Leeds and Oxford.
Photo: Shutterstock
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