Itsu confirmed a deal for a CVA last summer which involved two of the sushi chains' outlets to be shut and rent cuts at most other reamining sites to be approved. Now we hear that private equity firm Bridgepoint has confirmed a deal to take a minority stake in the fast-food chain. It is thought this will create 2,000 jobs in the UK, within the next five years. Itsu are planning in this time period to add 100 new outlets.
Currently Itsu are in the process of creating new sites in Reading, St Albans, Holborn and Belgium.
Itsu has also started a groccery business with its branded products distributed in health stores and supermarket chains such as Waitrose.
Grab-and-go sushi chain, Itsu has launched a CVA to secure rent cuts at 53 of its 77 sites. Itsu relies on office workers mainly in the big cities and has been hit hard by the pandemic.
Alix Partners has been appointed to prepare the proposal to the creditors which will be put to them on the 19th August.
It is not expected that many of the sites will be closed at this stage. In a cruel twist the company said that pre pandemic its sales were at record levels.
The company will be introducing cost savings and Covid-compliant procedures to try and survive, such as online ordering and self service using the latest technology.