YO! appoints Deloitte to negociate rents with landlords

by
editorial staff

Sushi chain exploring insolvency mechanism.

Yo! Sushi (now called Yo!) is the latest restaurant chain to consider exploring the potential for a company voluntary arrangement (CVA) in the wake of the coronavirus, reports Sky News.

In July SalmonBusiness reported that rival sushi chain Itsu, which was founded in 1997 by the Pret A Manger co-founder Julian Metcalfe, was working with advisory firm AlixPartners on its options, which could include carrying out a company voluntary arrangement (CVA).

Yo! has appointed Deloitte as advisors. Sky News quoted an unnamed source who told them that a formal decision to proceed with a CVA has not yet been taken, but “without meaningful bilateral concessions from landlords, the company would have little choice but to pursue one.”

The economic upheaval created by COVID-19 has seen many chains request significant rent reductions or rent-free periods to stay afloat.

Yo! has 70 restaurants in the UK. In 2019, the sushi conveyor belt chain acquired a majority stake in SnowFox in a USD 100 million deal to expand in the US, also gaining Bento Sushi and Taiko Foods.

Cooke Aquaculture Scotland is YO!’s UK supplier.

Newsletter