YO! returns to profit
The business, which operates conveyer belt restaurants and sushi kiosks in supermarkets, increased turnover by 53% to £84.7m (2021: £55.1m).
In its 52 restaurants, like-for-like turnover increased, as the business fulfilled increased footfall.
Following the financial period, YO! opened a new restaurant in Middlebrook, with a site in Speke opening in 2023.
In retail, the brand opened a further 177 kiosks with core grocery partners, taking the number of locations serving sushi in supermarkets to 328.
The operational progress in the year contributed to a significant increase in underlying profitability, with adjusted EBITDA increasing to £7.4m (2021: £0.7m).
Operating profit was £1.5m (2021: loss of £5.5m).
The company had net assets of £8.7m at the year end. It extended its banking facilities in November 2022, and its revolving credit facility and bank loan facilities are now all due in May and November 2024 respectively.
The directors, while watchful of the volatile eternal environment, said they were confident the differentiated Japanese food offer leaves it well placed for long term sustainable growth.
During the period, the parent company and controlling party was Mayfair Equity Partners, with YO! Sushi UK Ltd consolidated into the Snowfox Midco 1 Ltd group company.
YO! Sushi UK (the main UK trading subsidiary) revenues represented 28.2% of total revenue for Snowfox Midco 1 Ltd.
The Snowfox Group was acquired by Japanese foodservice company Zensho Holdings for $621m (£497m) in June 2023, with Mayfair exiting.
