Wasabi founder to step away from business

Wasabi has announced that Dong Hyun Kim, who founded the business in 2003, will be stepping away from the business to focus on developing his other business interests.

While he will remain a minority shareholder and director in the group, Kim will no longer play an executive role in the company.

Following Capdesia taking a minority stake in the Japanese-style grab-and-go chain in May 2019 and the subsequent appointment of Henry Birts as chief executive in November 2019, Kim took a step back from day-to-day involvement in the business. He has since started two new restaurant concepts, Pelicana and Kineya, which he intends to expand across London and the UK.

Birts said: "On behalf of the entire company and its shareholders, we would like to congratulate Mr Kim personally for everything that he has achieved in his extraordinary career and thank him for the immense contribution he has made to building Wasabi over so many years. With a strong and experienced leadership team in place and the steadfast backing of our investors, we are now well placed to take Wasabi on the next phase of its journey. We will do so always honouring the essence of Mr Kim's creation and his personal legacy.

"We wish him the very best in his future endeavours and are sure he will be hugely successful with his new ventures."

The group was one of many restaurant businesses that underwent a company voluntary arrangement (CVA) restructuring last year after being hit by pandemic restrictions. It has around 40 stores, the majority of which are in London, as well as around 11 delivery-only sites.

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