Sushi chain YO! reports ‘strong rebound’ in sales

Sushi restaurant chain and supermarket kiosk operator YO! has reported a “strong rebound” in sales and said it remains well placed for further growth.

The chain, which is part of international sushi giant Snowfox Group, said revenues rose 53.8% in the year ended 27 November 2022.

It said revenues were boosted from £55.1m in 2021 to £84.7m in 2022 due to the bounce back in UK grocery customers and the easing of pandemic restrictions.

Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) increased to £7.4m from £0.7m in 2021, while profit before tax was recorded at £2.2m, up from a loss of £4.1m the previous year.

YO! now operates 52 restaurants in the UK and launched a site in Speke, Liverpool this year.

The business opened 177 kiosks with its grocery store partners during the year, taking its total number of sites in UK supermarkets to 328.

The directors said that while the “volatile external environment” remains, particularly in relation to increased food pricing, the war in Ukraine and rising wage rates, they remained confident the business was prepared for “long-term sustainable growth”.

YO! extended its bank facilities on 25 November 2022 and payment will be due in May and November 2024.

Snowfox, which is also behind Canada’s Bento sushi chain, agreed to be sold by Mayfair Equity Partners to Zensho Holdings, one of Japan’s biggest food companies, for £494m in June.