Wasabi

About Wasabi

Sushi and bento chain Wasabi was founded in London in 2023 by Dong Hyun Kim. In October 2016, the company secured £25m in debt financing from HSBC to support expansion, and in May 2019, Capdesia, with co-investor Sushiro Global Holdings, purchased a minority stake of the company.

Further investment was made by Capdesia, with co-investor Sushiro Global Holdings, in 2020 to become the majority stakeholder. After becoming a minority stakeholder, founder Dong Hyun Kim stepped away from company operations in November 2021.

In August 2020, Wasabi launched a CVA proposal under the supervision of KPMG. The main reason for this was to negotiate terms with creditors, especially lease agreement with landlords.

For the year ending in December 2020 during covid, turnover dropped by 56.7%. Thereafter, turnover improved considerably and the chain was considering expansion in the suburbs, but it was reported in January 2023, that the group was in breach of some of its loan covenants. Directors said they had a “reasonable expectation” that a waiver obtained from the lender would be extended, but that this cast “significant doubt” on the group’s ability to continue as a going concern.

In December 2024, Propel revealed that it is exploring franchise opportunities to accelerate its growth as it reported its “strong” growth in 2023 has continued in 2024. Chief executive Henry Birts said the then 41-strong business, whose sites are currently all company owned, had “managed challenging inflationary pressures well, balancing measured price increases with improvements in productivity, while maintaining excellent value for money for its customers”.

The then 50-strong brand’s first franchise site launched in the summer of 2025, having partnered with global travel retailer, Lagardère Travel Retail, for the opening at Luton airport. Birts, said: “We’re excited to bring Wasabi to Luton airport through our first franchise partnership with Lagardère. This opening represents a major step in our brand’s journey, as not only are we entering a new phase of growth through franchising, but we’re also opening in a location that perfectly suits our offering. Transport hubs like Luton airport align seamlessly with our mission to make fresh, high-quality food accessible to people on the move. We see this as a significant step in our wider growth strategy, with plans to expand further across the UK.”

Why franchise with Wasabi

• ✓The company said: “We are on the lookout for quality partners to grow with across the UK. What we’re looking for: Passion for the restaurants sector, food and the customer. Operating experience of reputable, multi-site, food or retail concept with group sales more than £5m, with a demonstratable track record of opening new locations to help drive growth.
• ✓“Financial stability with access to capital liquid assets of £3.5m, and able to demonstrate a net worth of £7m. Strong operational focus with ability to develop people, ideally previous knowledge of being part of a franchise system. Potential to grow, with development agreements in the region of ten stores over five years on offer.”