Yo! Sushi loses over £20m as costs rise
Yo! Sushi lost more than £20m in the year its owner was acquired for almost £500m, it has been revealed.
The sushi eatery chain has reported a pre-tax loss of £22.6m for the 70 weeks to 31 March, 2024, according to delayed accounts filed with Companies House.
The results, which had been due to be submitted by the end of 2024, come after its turnover totalled £138.3m for the same period.
The figures compare to the pre-tax loss of £4.7m and turnover of £84.7m Yo! Sushi reported for the 12 months to 27 November, 2022.
The brand’s financial year was extended to align with that of its new owner.
The results come after the owner of Yo! Sushi was bought for almost £500m by one of Japan’s biggest food companies in June 2023.
Snowfox Group, which has since been rebranded to Wonderfield Group, was sold by Mayfair Equity Partners to Zensho Holdings for £495m.
As well as Yo! Sushi, Wonderfield Group’s Sushi brands include AFC, which supplies to US supermarkets, Canadian grab and go brand Bento and the UK’s Raku.
Its other companies also include kiosk franchisor Snowfox, Snowfruit, Sushi Circle, Australia retailer Sushi Izu, European brand SushiTake, Taiko and Zenshi.
Yo! Sushi hit by cost pressures
A statement signed off by the Yo! Sushi board said: “Revenue growth was driven by the extended accounting period as well as anticipated business expansion.
“While the directors remain watchful of the volatile external environment, they acknowledge that the operating profit and EBITDA [earnings before interest, taxes, depreciation and amortisation] have decreased, partly due to [a] number of cost pressures.
“They remain confident that the group’s differentiated Japanese food offer leaves it well placed for long-term sustainable growth.”
In separate accounts for Wonderfield Group, the owner of Yo! Sushi reported a turnover of $637.8m and a pre-tax loss of $87.5m for the 70 weeks to 31 March, 2024.
For the 12 months to 27 November, 2022, the group had posted a turnover of $374.6m and a pre-tax loss of $29.5m.
In a statement, the group said: “This was a year of continued operational progress.
“During the period, the group successfully broadened and deepens its relationships with some of the wold’s biggest retailers and food service firms.
“This saw the group grow its commissaries business in North America and expand its in-store kiosk footprint in the United States, Canada and the UK.”
It added: “The group continues to benefit from its right-sized estate and operational changes made across the business during 2022 and 2024 following the acquisition of the group by Zensho.
“Nonetheless, management remains watchful of the external environment and any potential impact that inflationary pressures may have on consumer spending or tariffs will have on the cost of food particularly in North America.”