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Wed 15th Jul 2015 - Wasabi reports Ebitda of £8m
Wasabi reports Ebitda of £8m: London-based sushi and bento business Wasabi has reported turnover grew 21% to £63,593,000 in the year to 27 December 2014, ‘driven by strong like-for-like growth and the continuation of our branch opening program’. The company opened four sites in the year to grow the estate to 39 venues. It stated: “Pro-rated Ebitda grew by 208% to £8,079,000 (2013: pro-rated £2,622,000), driven by a reduction in exceptional costs and lower one-off costs from opening fewer branches than in the previous year (2013: seven branches). Pro-rated operating profits grew by 1066% to £5,223,000 (2013: pro-rate £448,000), improving operating margin to 8% (2013: 1%.) The company’s innovative and fresh approach to food has helped establish a strong and reputable brand that continues to grow in popularity. With the introduction of a new Central Production Unit in 2016 and a significant increase to our capacity, we are well-placed for strong, profitable growth.” Pre-tax profit was £5,065,274 compared to £480,556 in the previous period. The company has fixed term loans of circa £3.9m. The company also earned £1,125,870 from a lease surrender. Last month, Wasabi signed a 15-year lease on a 65,000 square foot production unit, to service its estate of 39 sites, at the Origin project in Park Royal on the outskirts of London. Dong Hyun Kim, Wasabi’s chief executive and founder, added: “As our company continues to grow from strength to strength, we wanted to move into a larger premises that was in the prime location of Park Royal. Its connection to the heart of London was vital for Wasabi as it is where the main concentration of our outlets are.”

Town and Country Inns to expand fledgling Fleet Street Kitchen, launch new brand in Birmingham: Town and Country Inns is set to expand its fledgling Fleet Street Kitchen brand as well as aiming to launch a new brand in Birmingham. The company wants to launch six new Fleet Street Kitchens in the west Midlands, Manchester and London over the next three years. It also aims to launch an entirely new brand in Birmingham after securing extra funds from an unnamed investor. Its main brand, Apres, has a site in Summer Row in Birmingham as well as locations in Solihull, Lichfield, Mere Green and Cheltenham. The company, which also owns Mechu in Summer Row, said plans were underway to create “mobile” versions of Mechu and Fleet Street Kitchen for corporate functions, dinners and balls. A new private members’ club is also set to open in the basement of its Fleet Street Kitchen city centre venue in Birmingham. The club would be pitched at corporate and individual members only and would have a 24-hour concierge. Operations director Mark Jones told the Birmingham Mail: “We think Fleet Street Kitchen is the jewel in our crown and we’re looking at rolling out six new venues over the next three years. The private members’ bar has real potential given that there isn’t one open yet in Birmingham although some are planned elsewhere in the city. The city is changing and there is a lot more going on – Birmingham is now ready for something like this.” In May the company revealed it had seen a £400,000 drop in revenue at its businesses in Summer Row as a result of the £500m rebuilding project around Paradise Circus, which will comprise a hotel, office buildings and new public space. 

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