The proprietor of the sushi restaurant chain Yo! will this week take an extra step in direction of a stock market flotation that would come as quickly as subsequent month.
Sky News understands that The Snowfox Group will maintain a presentation for City analysts because it prepares to announce a proper intention to float in London.
City sources mentioned the itemizing might be unveiled as quickly as mid-October, though a definitive date has but to be determined.
A list, which will likely be led by bankers at Numis, would cap a turnaround for one of many quite a few UK-based casual eating companies that was pressured into an insolvency course of because of the pandemic.
Snowfox has been in a position to get better comparatively shortly due to the rising dominance of its American operations, which commerce beneath the Snowfox identify at a whole bunch of grocery retailer counters.
The group is majority-owned by Mayfair Equity Partners, the London-based personal fairness agency which has additionally backed companies together with OVO Energy.
It has established itself because the main multinational Japanese meals business, promoting greater than 60m trays of sushi yearly and supplying retailers corresponding to Tesco and Waitrose within the UK.
By distinction, Snowfox now operates solely 65 eating places, having lower a whole bunch of jobs and closed a big variety of websites final year as a part of a restructuring to hold it afloat.
The company has additionally appointed the previous Argos chief John Walden as chairman, whereas former Whitbread finance director Chris Rogers has additionally joined the group’s board.
It is run by chief govt Richard Hodgson, a former Asda and PizzaExpress govt.
In its UK operations, Snowfox has devised a contactless format the place prospects can order remotely and have meals delivered to them on YO!’s sushi conveyor belts.
Since its preliminary funding in YO! in 2015, Mayfair has helped to orchestrate the takeover of Canada’s Bento Sushi and a merger with SnowFox within the US final year.
A Snowfox spokesman declined to touch upon Sunday.