This British sushi chain just got £40 million to expand overseas

Itsu, the sushi shop that was launched by Pret a Manger co-founder Julian Metcalfe in 1997, just got £40 million ($US61 million) to expand overseas.

HSBC granted Itsu the funding to expand internationally over the next three years, the bank told Business Insider.

“Itsu is a dynamic fast-food retailer with high growth prospects, a respected brand and ambitious goals,” said Amanda Murphy, HSBC’s UK Head of Corporate Banking.

Landen Prescott-Brann, Itsu’s chief financial officer, added: “We see a lot of opportunity in the fast-food market both here in the UK and overseas. Consumers increasingly want healthy food options while on-the-go — and we can provide this.”

The statement didn’t say which countries Itsu is planning to expand into. However the news comes only a few days after the group announced a 20% rise in turnover to £67.9 million ($US104 million) in the year to January. Profit — e
arnings before interest, tax, depreciation and amortisation — also soared by over 32% to rose £6.9 million ($US10.6 million).

Itsu has 52 shops and two dine-in restaurants in Britain and plans to open between 12 and 15 new stores in the UK by the end of the year.

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