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Tue 22nd Aug 2017 - YO! Sushi reports turnover approaches £90m in ‘transformational’ first year under new ownership
YO! Sushi reports turnover approaches £90m in ‘transformational’ first year under new ownership: YO! Sushi has reported like-for-like sales increased more than 5.5% in a “transformational” first year for the company under new ownership. The company saw turnover increase 6% to £88.4m for the year ending 27 November 2016 compared with £83.7m the year before. It said Ebitda of £10.8m reflected brand reinvestment and the conclusion of two leases at Paddington station and Glasgow House of Fraser. The company also reported consistent like-for-like sales growth since the period end of more than 6.5%. Chief executive Robin Rowland said: “FY2016 was transformational for YO! Following a full strategic review with our new owners we’ve reset the business to best position it for long-term future growth. This has been reflected in 5.5%-plus like-for-like sales growth for the past 12 consecutive months. We have the people and product to take the business forward and 2017 will be about taking advantage of significant opportunities that exist for the brand.” Following the acquisition by Mayfair Equity Partners in November 2015, the group refreshed the brand with a new menu design and logo. YO! Sushi said growth in the short to medium term would come from the core UK business. It added it had extended relationships with international franchise partners, including SSP, to open sites outside the UK that offer “high brand awareness”. The company reviewed its US portfolio and property strategy to focus on building brand awareness in downtown high-density sites. This has resulted in the decision to exit some of the sites selected by the US franchise partner while under previous ownership. YO! Sushi opened four sites in the period – in Bournemouth, Harrogate, Newcastle and Chelmsford. In addition, two restaurants at St Pancras station and Edinburgh airport were rebuilt with new leases. The group also disposed of four older sites in the UK to capitalise on lease premiums. Three franchised restaurants opened in Dubai, while two company-owned sites opened in the US. The company also reformatted its YO!-to-go offer, both grab-and-go and delivery, which had resulted in a “significant increase” in sales. Since the period end, four further UK restaurants have opened, taking the UK estate to 76 sites in total. Meanwhile, openings in New York and four new international franchised sites in Paris and Sydney airports have taken the total global estate to 93 sites.

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