Sushi chain Wasabi is hunting for a new investor to drive international expansion, during a challenging period for the UK dining sector.
Financial services giant PwC has been hired to search for an injection of capital, the firm confirmed today, which will be used to refurbish and expand the UK portfolio of around 50 stores.
In a statement PwC said it was looking for a minority equity partner, which will also help to drive US expansion in New York where the chain currently has five branches.
The search comes after Wasabi, which was founded in 2003 by former Camden Market trader Dong Hyun Kim, struck a £30m loan deal with HSBC in March to push ahead with London expansion.
A spokesperson for PwC said: “The Wasabi group has engaged PwC to run a competitive process to find a minority equity partner for the business.
“The group is looking for an injection of capital to support its next phase of growth which includes the expansion of the successful UK portfolio, a refurbishment programme of existing stores, further expansion of its US presence in New York, and development of other commercial opportunities for the brand."