Sushi team YO! to modify identify as US arm’s expansion paves method for IPO

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The landlord of the sushi eating place chain YO! is converting its identify to replicate the speedy expansion of its US operations because it weighs plans for a inventory marketplace record.

Sky Information understands that the crowd best-known in Britain for its sushi conveyor belts has appointed bankers at Numis to advise on its strategic choices.

The corporate has additionally determined to modify its company identify to The Snowfox Team, reflecting the rising dominance of its American operations, which business beneath that logo at loads of grocery retailer counters.

 YO! Sushi
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YO! Sushi is ideally suited identified in Britain for its sushi conveyor belts

Snowfox is majority-owned via Mayfair Fairness Companions, the London-based non-public fairness company which has additionally sponsored companies together with OVO Power.

The crowd has established itself because the main multinational Eastern meals trade, promoting greater than 60m trays of sushi once a year.

It additionally operates in Canada, and trades beneath two different manufacturers: Taiko and Bento!

Other folks as regards to the corporate mentioned it used to be rising at double the velocity of the broader marketplace, and now provides shops akin to Tesco and Waitrose in the United Kingdom, and Kroger and Loblaws in North The united states.

It distributes contemporary pre-packaged Eastern meals to greater than 3,700 food-service and grocery retailers.

In contrast, Snowfox now operates best 65 eating places, having reduce loads of jobs and closed an important choice of websites ultimate yr as a part of a restructuring to stay it afloat.

General view of the London skyline, as seen from One Tree Hill, showing skyscrapers in the City financial district 52 Lime Street (also known as the Scalpel), and 30 St Mary Axe (also known as the Gherkin). PA Photo. Picture date: Tuesday February 4, 2020. Photo credit should read: Dominic Lipinski/PA Wire
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A possible flotation would happen in London

A possible flotation of the trade, which might happen in London regardless of the rising proportion of revenues generated via its US arm, underlines the speedy nature of its turnaround.

The corporate has additionally appointed the previous Argos leader John Walden as chairman, whilst former Whitbread finance director Chris Rogers has additionally joined the crowd’s board.

It’s run via leader govt Richard Hodgson, a former Asda and PizzaExpress govt.

In its UK operations, Snowfox has devised a contactless structure the place shoppers can order remotely and feature meals dropped at them on YO!’s sushi conveyor belts.

Since its preliminary funding in YO! in 2015, Mayfair has helped to orchestrate the takeover of Canada’s Bento Sushi and a merger with SnowFox in the USA ultimate yr.

Snowfox will retain the YO! identify for its eating places and food-to-go operations.

A Snowfox spokesman declined to remark.

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