Hundreds of jobs at sushi chain Wasabi hang in balance

Hundreds of jobs at sushi chain Wasabi are hanging in the balance after it became the latest High Street chain to prepare to shut restaurants. 

The grab-and-go food company, which employs more than 1,500 staff, has launched a controversial insolvency process called a Company Voluntary Arrangement to negotiate its rents down. 

But the firm is also planning to close up to 12 of its 51 outlets, raising the prospect of more job cuts to add to the UK’s spiralling total. 

At risk: The firm is planning to close up to 12 of its 51 outlets, raising the prospect of more job cuts to add to the UK's spiralling total.

At risk: The firm is planning to close up to 12 of its 51 outlets, raising the prospect of more job cuts to add to the UK's spiralling total.

At risk: The firm is planning to close up to 12 of its 51 outlets, raising the prospect of more job cuts to add to the UK’s spiralling total.

It declined to comment on how many jobs were at risk, but said it would try to minimise cuts by moving staff in affected stores into other areas. 

Wasabi, which has outlets in city centres spanning from Birmingham to London, largely relies on shoppers and office workers popping in for lunch. 

But it has struggled to make ends meet during lockdown, faced with deserted high streets and business districts. 

Paul Berkovi, head of leisure restructuring at KPMG which is advising on the CVA, said: ‘With large numbers of city centre workers and tourists remaining at home, grab-and-go food retailers have been some of those businesses most significantly affected by the Covid-19 crisis. 

With the outlook remaining uncertain, Wasabi is taking decisive action to safeguard its future.’ 

Founded in London in 2003 by South Korean entrepreneur Dong Hyun Kim, Wasabi is backed by investment firm Capdesia. 

Wasabi chief executive Henry Birts said: ‘Prior to the outbreak of the pandemic, Wasabi had been performing strongly.’

#fiveDealsWidget .dealItemTitle#mobile {display:none} #fiveDealsWidget {display:block; float:left; clear:both; max-width:636px; margin:0; padding:0; line-height:120%; font-size:12px} #fiveDealsWidget div, #fiveDealsWidget a {margin:0; padding:0; line-height:120%; text-decoration: none; font-family:Arial, Helvetica ,sans-serif} #fiveDealsWidget .widgetTitleBox {display:block; float:left; width:100%; background-color:#af1e1e; } #fiveDealsWidget .widgetTitle {color:#fff; text-transform: uppercase; font-size:18px; font-weight:bold; margin:6px 10px 4px 10px; } #fiveDealsWidget a.dealItem {float:left; display:block; width:124px; margin-right:4px; margin-top:5px; background-color: #e3e3e3; min-height:200px;} #fiveDealsWidget a.dealItem#last {margin-right:0} #fiveDealsWidget .dealItemTitle {display:block; margin:10px 5px; color:#000; font-weight:bold} #fiveDealsWidget .dealItemImage, #fiveDealsWidget .dealItemImage img {float:left; display:block; margin:0; padding:0} #fiveDealsWidget .dealItemImage {border:1px solid #ccc} #fiveDealsWidget .dealItemImage img {width:100%; height:auto} #fiveDealsWidget .dealItemdesc {float:left; display:block; color:#004db3; font-weight:bold; margin:5px;} #fiveDealsWidget .dealItemRate {float:left; display:block; color:#000; margin:5px} #fiveDealsWidget .footerText a:hover{text-decoration: underline;} #fiveDealsWidget .footerSmall{font-size:10px; padding-top:10px;} @media (max-width: 635px) { #fiveDealsWidget a.dealItem {width:19%; margin-right:1%} #fiveDealsWidget a.dealItem#last {width:20%} } @media (max-width: 560px) { #fiveDealsWidget #desktop {display:none;} #fiveDealsWidget #mobile {display:block!important} #fiveDealsWidget a.dealItem {background-color: #fff; height:auto; min-height:auto} #fiveDealsWidget a.dealItem {border-bottom:1px solid #ececec; margin-bottom:5px; padding-bottom:10px} #fiveDealsWidget a.dealItem#last {border-bottom:0px solid #ececec; margin-bottom:5px; padding-bottom:0px} #fiveDealsWidget a.dealItem, #fiveDealsWidget a.dealItem#last {width:100%} #fiveDealsWidget .dealItemContent, #fiveDealsWidget .dealItemImage {float:left; display:inline-block} #fiveDealsWidget .dealItemImage {width:35%; margin-right:1%} #fiveDealsWidget .dealItemContent {width:63%} #fiveDealsWidget .dealItemTitle {margin: 0px 5px 5px; font-size:16px} #fiveDealsWidget .dealItemContent .dealItemdesc, #fiveDealsWidget .dealItemContent .dealItemRate {clear:both} }

Please follow and like us:

Check Also

Labour to abstain in vote on Covid tiers as Tories threaten to rebel

Keir Starmer has actually chosen to brake with the federal government in a vote on …

RSS
LinkedIn
Share