Yo! owner ‘eyes London IPO’ which could value the conveyer belt sushi restaurant at more than £750m
- The Snowfox Group is about to carry a presentation for City analysts forward of a proper announcement
- It’s understood that the itemizing can be led by bankers at Numis
- Yo! advised This Is Money that it had ‘no additional remark’ on the matter
The owner of sushi restaurant Yo! is known to be taking additional steps in the direction of an IPO that could value it at more than £750 million.
The Snowfox Group is about to carry a presentation for City analysts forward of a proper announcement of it intention to drift on the London stock market as quickly as mid-October month, experiences Sky News.
News of the doable itemizing first emerged this spring because it regarded to navigate a post-Covid recovery and it’s understood that it will likely be led by bankers at Numis.
The owner of sushi restaurant Yo! is known to be taking additional steps in the direction of an IPO that could value it at more than £750 million
Yo! advised This Is Money that it had ‘no additional remark’ on the matter.
Yo!, which was beforehand referred to as Yo Sushi earlier than a rebranding train in 2019, was based by entrepreneur Simon Woodroffe and opened in 1997.
It shortly grew to become famed for its conveyer belt service, permitting company to self-select dishes as they go by.
Like many different casual eating chains, Yo! is backed by personal fairness.
Its owner, Mayfair Equity Partners, gave Richard Hodgson (who has been the CEO since 2017) the temporary of turning the agency from a ‘fairly small UK business in a challenged sector’ right into a ‘actually thrilling world business’, forward of an eventual sale.
To this finish, Yo! has expanded internationally on a grand scale since Mayfair took management in late 2015.
First it spent £59 million on a takeover of Bento Sushi, the largest sushi producer in Canada, the place sushi is so mainstream it is bought in faculties.
Next it snapped up Taico, a London sushi producer that provides Waitrose, after which in June 2019 Yo! agreed a merger with SnowFox, one in all the largest operators and franchise homeowners of sushi kiosks in the US.
The offers imply Yo! has more than 100 eating places worldwide, from Paris to Istanbul and the UAE, and 1,400 Snowfox, Taico and Bento kiosks in supermarkets, practice stations, hospitals, universities and airports.