Private equity firm Bridgepoint has confirmed a deal to take a stake in fast-food chain Itsu which it says will assist create 2,000 UK jobs inside the subsequent 5 years.
Bridgepoint is shopping for a minority holding within the Asian-inspired chain, which is planning to add 100 new retailers over that point interval.
The announcement didn’t disclose monetary particulars of the deal.
Sky News reported final week that it was anticipated to worth Itsu at up to £100m.
The tie-up with Bridgepoint reunites the London-based investor with Itsu founder Julian Metcalfe, who beforehand joined forces to develop Pret A Manger right into a ubiquitous British excessive avenue model.
Mr Metcalfe stated: “We are thrilled to be teaming up with Bridgepoint again after our success at Pret A Manger.”
Itsu is at the moment constructing new websites in Reading, St Albans and Holborn in addition to Belgium.
It has additionally begun a grocery business which has seen it distributing branded merchandise in grocery store chains corresponding to Waitrose and well being meals retailers.
Bridgepoint stated the grocery division was having fun with 70% progress and that whole gross sales for the group in 2022 are forecast to be “well in excess of £170m”.
The deal comes lower than a year after Itsu secured approval from its collectors for a company voluntary association (CVA) – an insolvency mechanism permitting struggling firms to restructure and scale back monetary liabilities corresponding to rents and financial institution debt.
As a part of that course of, the chain closed two of its UK retailers and agreed hire cuts at many of the remaining websites.