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Sat 10th Oct 2015 - Itsu secures £40m of funding from HSBC
Itsu secures £40m of funding from HSBC: Itsu, the healthy Asian food chain created by Pret A Manger co-founder Julian Metcalfe, has secured £40m of funding from HSBC to drive ambitious expansion plans. The company reported that the last year has seen “soaring consumer demand for healthier food choices on the high street echoed across regional launches outside of London, taking the once capital-focused chain to a broader audience”. Itsu plans to open ten new sites across the UK this year and start international expansion over the next three years. 2014 financial results show a year on year turnover increase to £67.9 million. This year sales have increased another 20% year on year. Margins improved significantly with profits after tax increasing year on year to £1.7 million and Ebitda rising by 32.7% to £6.9 million. Like-for-like retail store sales also grew by 6.8%. Landen Prescott-Brann, chief finance officer at Itsu, said: “We see a lot of opportunity in the healthy-food market both here in the UK, outside of London, and internationally. Consumers increasingly want healthy food options while on-the-go – and we can provide this. We are grateful to HSBC for its support of our ambitious expansion plans. It is important to us to have a partner that believes in our vision. The refinancing package is vital for our company’s continued success in the future, and our ability to reach new customers.” Amanda Murphy, HSBC’s UK head of corporate banking, said: “Itsu is a dynamic fast-food retailer with high growth prospects, a respected brand and ambitious goals. We are proud to be able to support them with their international expansion plans. As one of the largest international banks, we are confident in our ability to help itsu enter new markets and look forward to continuing our long-standing relationship.”



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