Itsu ignites chain expansion with £40m refinance package

Itsu Strand

Itsu, the healthy Asian food chain created by Pret A Manger co-founder Julian Metcalfe, recently announced record financial results for 2014 and 2015 and today reveals it has secured funding from HSBC worth £40m.

The cash injection enables the company to forge ahead with an ambitious expansion plan.

Soaring consumer demand for healthier food choices on the high street has been echoed across regional launches outside of London, taking the once capital-focused chain to a broader audience.

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Itsu plans to open 10 new UK sites in 2015 and start international expansion over the next three years. This will be made possible by the funding released by HSBC, which shares Itsu’s vision of providing healthy food options at affordable prices.

2014 financial results show a year on year turnover increase to £67.9m.

This year (2015), even more customers have voted with their feet as growth swells another 20% year on year. Margins improved significantly with profits after tax increasing year on year to £1.7m and EBITDA rising by 32.7 per cent to £6.9m.

Like-for-like retail store sales also grew by 6.8%.

Landen Prescott-Brann, chief financial officer of Itsu, said: “We see a lot of opportunity in the healthy-food market both here in the UK, outside of London, and internationally.

“Consumers increasingly want healthy food options while on-the-go – and we can provide this.

“We are grateful to HSBC for its support of our ambitious expansion plans. It is important to us to have a partner that believes in our vision. The refinancing package is vital for our company’s continued success in the future, and our ability to reach new customers.”

Amanda Murphy, HSBC’s UK head of corporate banking, said: “itsu is a dynamic fast-food retailer with high growth prospects, a respected brand and ambitious goals.

“We are proud to be able to support them with their international expansion plans. As one of the largest international banks, we are confident in our ability to help itsu enter new markets and look forward to continuing our long-standing relationship.”

Tags : bankingfinanceItsu
Kathy Bowry

The author Kathy Bowry

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