Sticks’n’Sushi secures £22m funding to support growth
Sticks’n’Sushi has secured a £22m loan from digital bank OakNorth to support its future growth.
The Japanese restaurant group, which first made its debut in the UK in Wimbledon in 2012, operates 27 restaurants across Europe including 12 in the UK.
The UK is the restaurant chain’s largest market in terms of turnover, with a 13th UK restaurant set to open in Richmond in May.
Earlier this year, Sticks’n’Sushi was acquired by private equity firm McWin Capital Partners, which has stakes in a number of chains including Gail’s Bakery, Popeyes, Big Mamma, Vapiano, and Burger King Germany.
The group’s CEO, Andreas Karlsson, has over 36 years of experience in the restaurant industry, having led the global roll-out of Wagamama.
He said: “Our continued growth is really exciting – we’ve opened a restaurant every year since 2012 and we launched two last year in Shoreditch and Kingston, followed by Richmond this May – which will make it three in nine months. Over the years, we’ve built a loyal customer base who continue to choose us because of the quality of food we serve, and the quality of service we provide.
“We have identified great locations for several new restaurants in the coming years, and with the support of McWin and OakNorth, we will be able to take advantage of this. We’re incredibly grateful for both of their support and the commercial and collaborative nature in which they operate – it genuinely feels like a partnership and a relationship that will help make us an even stronger business for years to come.”
Stuart Blair, director of debt finance at OakNorth, added: “Given the ongoing cost-of-living crisis, it is no surprise that many hospitality businesses have struggled over the last 18 months. However, Sticks’n’Sushi is a business that is more than bucking this trend – it has a strong brand presence, and a model focused on high quality food production that has stood the test of time. Over three decades, it has grown to 27 individually designed restaurants, and it has never had to shut one down, demonstrating its sensible and smart location selection, as well as the clear demand for its offering.
“In Andreas [Karlsson], the business has a seasoned leader with more than three and a half decades of experience in the industry, and with the backing of McWin, it is primed for future growth.”
OakNorth recently provided cocktail bar and restaurant group The Alchemist with a £15m loan to support its site roll-out and debt refinancing.