The investment from HSBC bank will be used to finance the rollout of Wasabi restaurants across London as well as to expand the group's recently launched bakery chain, Soboro.
Part of the investment will be allocated to Wasabi’s 65,000 sq ft west London Central Processing Unit, where the brand set up its warehouse and kitchen operations headquarters in 2016. The extra funding will be used to improve productivity, efficiency and consistency at the facility.
Launched in July last year, Soboro now operates at two UK sites in Cambridge and London's Paddington station, although the latter only offers a limited menu.
Soboro’s food includes a range of Korean and Japanese pastries including matcha croissant; yuzu lemon and cheese rolled cake; and chicken katsu sandwiches alongside European options including ham and cheese baguettes; and egg mayonnaise sandwiches.
“Continuing to drive expansion is top of our agenda and with HSBC’s support, led by our relationship director Chris Priest, the new financial year will see us increase the presence of both our brands in London,” says Frederic Luch, Wasabi’s managing director.
We’ll also be looking to build on our strategic partnerships as well as continuing to look at operational advancements.”
The first Wasabi to open off the back of the new investment will be in Bloomsburry's Russell Square.
Overseen by Korean-born businessman Dong Hyun Kim, Wasabi currently operates circa 50 sushi shops and restaurants in the UK and a number overseas alongside Soboro and its two Korean restaurants under its Kimchee brand.