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Creditors back YO! Sushi CVA as it moves to roll out new restaurant model

YO! Sushi

Creditors of YO! Sushi have voted through its plans for a CVA, paving the way for it to close 19 restaurants and cut up to 250 jobs.

The chain outlined its intentions last month after saying it had become unviable to run a number of its stores following the Covid-19 pandemic.

Richard Hodgson, chief executive of YO!, said that getting the green light from creditors would allow it to restructure the business for future growth.

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“This will ensure YO! has a solid foundation to continue to adapt to the changes brought about by Covid-19, and allows us to focus on reopening remaining sites and rolling out our new restaurant model.

“I know this has been a difficult time for many of our team members and once again I want to thank everyone for their hard work and support throughout this process.”

YO! runs around 70 sites in the UK and has taken measures over the summer to reduce expenses, but rent costs have been an issue for the business in the current climate.

The company said the CVA would allow it to protect as many jobs as possible.

YO! Sushi has had to change its iconic conveyor belts as it adapts to the post-Covid safety challenges facing restaurants.

Dishes were famously sent out on the conveyor belt for customers to choose from, but they have been reprogrammed so that they are only dispatched once orders have been placed.

‘Not viable for us to keep sites that no longer perform’ – YO! Sushi boss says the days of holding on to weaker restaurants are over

Tags : cvaYo Sushi
Andrew Seymour

The author Andrew Seymour

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