Sushi group YO! to alter identify as US arm’s growth paves way for IPO | Business enterprise News

The owner of the sushi cafe chain YO! is shifting its title to reflect the swift advancement of its US functions as it weighs options for a stock current market listing.

Sky Information understands that the group ideal-recognized in Britain for its sushi conveyor belts has appointed bankers at Numis to advise on its strategic alternatives.

The enterprise has also made a decision to adjust its corporate title to The Snowfox Group, reflecting the escalating dominance of its American operations, which trade below that manufacturer at hundreds of grocery store counters.

Snowfox is vast majority-owned by Mayfair Fairness Partners, the London-centered personal equity business which has also backed corporations which includes OVO Electricity.

The team has set up by itself as the leading multinational Japanese meals company, advertising much more than 60m trays of sushi per year.

It also operates in Canada, and trades below two other makes: Taiko and Bento!

People near to the organization claimed it was developing at double the price of the wider market place, and now materials retailers this kind of as Tesco and Waitrose in the British isles, and Kroger and Loblaws in North The usa.

It distributes contemporary pre-packaged Japanese food stuff to far more than 3,700 meals-services and grocery outlets.

By contrast, Snowfox now operates only 65 dining establishments, getting lower hundreds of employment and closed a substantial quantity of web-sites previous yr as part of a restructuring to hold it afloat.

A probable flotation of the organization, which would acquire place in London even with the expanding share of revenues produced by its US arm, underlines the swift character of its turnaround.

The organization has also appointed the previous Argos chief John Walden as chairman, though former Whitbread finance director Chris Rogers has also joined the group’s board.

It is operate by main govt Richard Hodgson, a previous Asda and PizzaExpress executive.

In its United kingdom functions, Snowfox has devised a contactless structure exactly where customers can purchase remotely and have meals sent to them on YO!’s sushi conveyor belts.

Since its original expenditure in YO! in 2015, Mayfair has assisted to orchestrate the takeover of Canada’s Bento Sushi and a merger with SnowFox in the US final year.

Snowfox will retain the YO! identify for its eating places and foods-to-go operations.

A Snowfox spokesman declined to remark.