Wasabi
Wasabi is a United Kingdom-based fast-food restaurant chain specializing in sushi, bento and other Japanese and East Asian-inspired prepared foods.
Last updated August 25, 2026
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Overview
Wasabi is a British fast-food restaurant brand focused on Japanese and broader East Asian-inspired food, with sushi and bento at the center of its offer. The business was founded in London in 2003 by South Korean entrepreneur Dong Hyun Kim. It developed around a format designed for convenient takeaway and quick service, serving prepared food through branded restaurants and, later, sushi counters located inside selected Marks & Spencer stores. The chain's principal market has been England, especially London. The brand's estate was concentrated in the capital, although it also operated outlets elsewhere in England. In February 2024, the reported estate comprised 41 outlets in England, including 35 in London. Wasabi also had an earlier period of international operation: by February 2018 it was reported to have 61 branches worldwide, including two locations in New York in the United States. The available reference material does not establish the precise current status of every location outside the United Kingdom. Wasabi's proposition combines the speed and accessibility of fast food with products associated with Japanese cuisine. Its typical offer includes sushi, bento boxes and related prepared meals intended for takeaway or rapid consumption. The business has also used retail partnerships to extend distribution beyond standalone restaurants. From October 2017, it began opening sushi counters in some Marks & Spencer stores, giving the brand access to shoppers through a concession-style channel in addition to its own branches. The company obtained £25 million of debt financing from HSBC in October 2016 to support expansion. In May 2019, investment firm Capdesia and co-investor Sushiro Global Holdings acquired a minority stake. Further investment by the same parties in 2020 resulted in them becoming majority stakeholders. Founder Dong Hyun Kim subsequently stepped away from operational involvement in November 2021. Henry Birts joined Wasabi as chief executive in November 2019. Like many restaurant businesses, Wasabi faced significant disruption during the COVID-19 pandemic and the associated restrictions on travel, offices and hospitality in the United Kingdom. In August 2020, it proposed a company voluntary arrangement under KPMG's supervision, principally to negotiate revised terms with creditors, particularly landlords under lease agreements. For the year ending in December 2020, turnover was reported to have fallen by 56.7%. Trading later improved considerably, and the group considered expansion into suburban locations. The business nevertheless continued to face financial pressure. In January 2023, it was reported that the group was in breach of some loan covenants. Directors stated that they reasonably expected a waiver from the lender to be extended, while also acknowledging that the circumstances created significant doubt about the group's ability to continue as a going concern. The reference material does not report that Wasabi ceased trading, and the brand remained active with a substantial English outlet network as of February 2024. Detailed current ownership, financial performance and the status of any United States operations are not established by the supplied sources.
History
Wasabi was established in London in 2003 by Dong Hyun Kim, a South Korean entrepreneur. It was built as a fast-food restaurant chain centered on sushi, bento and other Japanese or East Asian-inspired prepared foods. The format emphasized convenience and quick service, allowing customers to purchase meals for takeaway or immediate consumption. The business expanded its physical estate in the United Kingdom and also pursued international growth. By February 2018, the chain was reported to have 61 branches worldwide, including two in New York. Its core presence remained in England, particularly London. Wasabi later broadened its distribution model through a partnership with Marks & Spencer: beginning in October 2017, it opened sushi counters in selected stores. This provided a retail setting alongside the company's standalone restaurants. Expansion was supported by external financing. In October 2016, HSBC provided £25 million of debt financing for growth. In May 2019, Capdesia and Sushiro Global Holdings acquired a minority stake in the company. Henry Birts joined as chief executive in November of that year. Additional investment in 2020 increased the investors' combined position to a majority stake, changing the ownership structure while leaving the Wasabi brand and operating business in place. Kim later withdrew from operational involvement in November 2021. The COVID-19 pandemic created severe operating and financial challenges. In August 2020, Wasabi launched a company voluntary arrangement proposal supervised by KPMG. The stated purpose was to renegotiate creditor obligations, with lease terms owed to landlords a particular concern. For the financial year ending in December 2020, turnover fell by 56.7%. The decline reflected the disruption experienced by food-service businesses during the pandemic and restrictions affecting customer traffic. Trading subsequently improved considerably, and the group considered expanding into suburban areas. However, financial pressure persisted. In January 2023, reports stated that Wasabi had breached some loan covenants. Directors said they had a reasonable expectation that a waiver from the lender would be extended, but also warned that the situation created significant doubt about the group's ability to continue as a going concern. The supplied reference does not establish a later insolvency or a definitive closure. By February 2024, Wasabi was reported to have 41 outlets in England, 35 of them in London. This indicates a smaller English estate than the worldwide branch count reported in 2018, although the sources do not provide a complete explanation for the change or a definitive account of current overseas operations. Wasabi's documented business remains focused on accessible sushi, bento and related prepared food sold through restaurants and selected retail counters.
- 2024
English estate reported at 41 outlets
[1]As of February, Wasabi was reported to have 41 outlets in England, including 35 in London.
- 2021
Founder leaves operational role
[1]Dong Hyun Kim stepped away from company operations in November.
- 2020
Investors take majority position
[1]Further investment by Capdesia and Sushiro Global Holdings made them majority stakeholders.
- 2020
Company voluntary arrangement proposed
[1]Wasabi proposed a CVA under KPMG supervision to negotiate creditor and lease obligations during the pandemic.
- 2019
Capdesia and Sushiro Global Holdings invest
[1]The two investors acquired a minority interest, and Henry Birts became CEO in November.
- 2017
Marks & Spencer retail-counter partnership begins
[1]Wasabi began opening sushi counters in selected Marks & Spencer stores.
- 2016
HSBC provides expansion financing
[1]Wasabi secured £25 million in debt financing from HSBC to support expansion.
- 2003
Wasabi founded in London
[1]Dong Hyun Kim founded the fast-food restaurant chain in London, initially building the business around sushi, bento and Japanese-inspired prepared food.
Products and positioning
A convenient, fast-service Japanese and East Asian-inspired food brand combining takeaway restaurant service with prepared sushi and bento sold through standalone branches and selected retail counters.
Prepared Japanese food · 2003
Sushi
Sushi is Wasabi's central product category and is sold through the chain's restaurants and selected sushi counters in Marks & Spencer stores. It forms the core of the brand's quick-service proposition, offering prepared Japanese-style food in a format suited to takeaway and convenient meal occasions.
Prepared Japanese meal · 2003
Bento
Bento boxes are a major part of Wasabi's prepared-food range. They support the brand's fast-service positioning by combining Japanese-inspired meal components in a portable format for takeaway or rapid consumption. The supplied sources do not specify the individual recipes or current menu assortment.
Quick-service meals · 2003
Japanese and East Asian-inspired fast food
Beyond sushi and bento, Wasabi operates around a broader range of Japanese and East Asian-inspired prepared foods. These products extend the brand beyond a specialist sushi counter while retaining its convenience-led restaurant format. Detailed current product specifications are not available in the supplied reference.
Brand decisions
2023
Consider suburban expansion amid covenant pressureStrategyBackground
After trading improved following the pandemic, Wasabi considered expansion into suburban areas, while reports also indicated breaches of some loan covenants.
Action taken
Directors indicated that they expected a lender waiver to be extended and continued considering the group's development.
Aftermath
The directors acknowledged that the covenant situation created significant doubt about the group's ability to continue as a going concern.
2020
Propose a company voluntary arrangementOtherBackground
The COVID-19 pandemic reduced restaurant activity and created pressure on creditor and lease obligations.
Action taken
Wasabi launched a CVA proposal under KPMG's supervision to negotiate terms with creditors, particularly landlords.
Aftermath
Turnover for the year ending December 2020 was reported to have fallen by 56.7%; later trading improved, but the group subsequently faced loan-covenant pressure.
Turnover change. Down 56.7% (Year ending December 2020)
2020
Increase investor ownership to a majority stakeM&ABackground
Capdesia and Sushiro Global Holdings had acquired a minority stake in 2019 and continued investing during 2020.
Action taken
Further investment by the two investors made them majority stakeholders.
Aftermath
Founder Dong Hyun Kim later stepped away from operational involvement in November 2021.
2017
Expand through Marks & Spencer sushi countersStrategyBackground
Wasabi sought to reach customers through a retail environment in addition to its standalone restaurants.
Action taken
The brand began opening sushi counters in selected Marks & Spencer stores.
Aftermath
The arrangement created an additional distribution channel for Wasabi-branded sushi.
2016
Use debt financing to support expansionStrategyBackground
Wasabi sought funding to expand its restaurant chain.
Action taken
The company secured £25 million in debt financing from HSBC.
Aftermath
The financing supported the chain's expansion, although the supplied sources do not quantify the directly resulting openings.
Debt financing. £25 million (October 2016)
Recent events
Steadfast and Wasabi partner on cloud storage[2]
Reported:
Steadfast partnered with Wasabi to provide cloud storage to Steadfast customers, including an option for backup and replication solutions.
Wasabi raises an additional $25 million in Series C funding[3]
Reported:
Wasabi announced an additional $25 million in funding led by Prosperity7 Ventures, with Western Digital Capital also participating. The extension brought the Series C total to $137 million.
Wasabi announces $112 million Series C funding[4]
Reported:
Wasabi announced $112 million in Series C funding, led by Fidelity Management & Research Company with participation from existing investors. The company said proceeds would support expansion of its reseller, technology alliance and distributor network, new international data centers, and team growth.
BackupAssist and Wasabi announce integration[5]
Reported:
BackupAssist announced that Wasabi Hot Cloud Storage now integrates with BackupAssist Classic and BackupAssist ER, offering customers a cloud storage option for backup and recovery.
Wasabi launches MigrateWithNate campaign[6]
Reported:
Wasabi launched the digital MigrateWithNate campaign, featuring Nate and promoting cloud migration.
Caringo and Wasabi validate hybrid cloud storage compatibility[7]
Reported:
Caringo announced that its Swarm Object Storage Solution had been validated with Wasabi Hot Cloud Storage, enabling customers to back up Caringo Swarm storage to Wasabi for disaster recovery.
Wasabi storage to be offered through NTT Communications Enterprise Cloud[8]
Reported:
Wasabi and NTT Communications announced that Wasabi hot cloud storage would be available as part of NTT Communications' Enterprise Cloud service offering beginning in October, in the US, EMEA and APAC regions.
- Unconfirmed
NTT DOCOMO Ventures invests in Wasabi[8]
Reported:
NTT DOCOMO Ventures invested in Wasabi as part of its cloud technology portfolio. Wasabi said the capital would help fuel international expansion, including operations and a presence in the Asia-Pacific region.
Sources8 sources
- 1Wasabi (restaurant)en.wikipedia.org
- 2Steadfast与Wasabi合作提供云存储pr.com
- 3Wasabi 在 C 轮融资中追加筹集 2,500 万美元finanznachrichten.de
- 4Wasabi宣布获得1.12亿美元C轮融资finanznachrichten.de
- 5BackupAssist与Wasabi宣布整合prnewswire.com
- 6Wasabi推出MigrateWithNate营销活动finanznachrichten.de
- 7Caringo与Wasabi验证混合云存储兼容性prweb.com
- 8Wasabi 存储服务将通过 NTT Communications Enterprise Cloud 提供finanznachrichten.de
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