Japanese kaiten conveyor belt restaurant chain YO! Sushi turned over £88.4m last year as it implemented a series of strategic changes to its portfolio in a bid to drive growth in 2017.
The chain recorded adjusted EBITDA of £10.7m in the UK for the 12 months to 27 November 2016, equivalent to around 12% of sales.
The figures were revealed in annual accounts filed with Companies House by YS Midco 1 Limited, the group company in which the results of YO! Sushi are consolidated.
YS Midco 1’s balance sheet showed that gross profit totalled £66.5m, however administrative expenses of £76m contributed to an overall loss of £21.9m.
YO! Sushi opened four UK restaurants last year and exited six sites where the lease had lapsed or there was an opportunity to capitalise on a premium. It was trading from 71 sites in the UK at the end of the accounting period.
In the US, meanwhile, it ended the year with six restaurants and 15 franchise locations.
The company said that key developments included a detailed brand review resulting in changes to the way its restaurants are marketed, designed and operated, and a “significant” investment in IT systems including replacing the entire EPOS and accounting systems.
“The outcome of this review has already delivered excellent results, with UK like-for-like sales up 5% since last summer and the group has consistently beaten the Coffer Peach Business Tracker. This points to further growth potential in the UK, and further UK sites are planned for the current financial year,” the directors said.
As part of the review, the group has also been evaluating its US portfolio and property strategy.
It took the decision to exist some of the shopping mall sites earlier this year that were inherited and selected by a US franchise partner under previous ownership.
“Going forward the property strategy in the US will focus on building brand awareness and opening in high density downtown areas of major cities, such as our Boston restaurant and the flagship Manhattan site, which opened in March 2017,” the directors said.
The YO! Sushi group of companies was acquired by Mayfair Equity Partners in 2015.