Private equity firm Bridgeport has taken a minority stake in Asian-inspired restaurant chain Itsu, which bankrolls the opening of 100 new eateries in the United Kingdom.
In addition to operating more than 75 restaurants, Itsu's branded grocery business in U.K. supermarkets and health food stores is enjoying 70 percent growth
Total sales for the group in 2022 are forecast to exceed GBP 170 million (USD 137 million, EUR 199 million), according to Private Equity News.
There is potential for global expansion for Itsu’s restaurants, according to Benoit Alteirac, a Bridgepoint partner.
"Itsu's standout offer is an exciting and contemporary attitude to healthy and nutritious food, with nearly 40 percent of it being plant-based,” he told Private Equity News.
The new partnership brings together Bridgeport and Itsu founder Julian Metcalfe once again, after they partnered on successful restaurant chain Pret a Manger.
Metcalfe opened the first in Chelsea, London, in 1997 and opened 75 additional locations over the next 20 years. Most of the restaurant chain’s Asian-inspired menu is under 500 calories, a third is plant-based, and the vast majority of dishes cost less than GBP 6.00 [USD 8.00, EUR 7.00], according to Metcalfe.
“Every Itsu must have its own kitchen, making nutritious dishes which are steamed, never fried, and made on the spot, with responsibly sourced ingredients,” Metcalfe said.
Photo courtesy of Robyn of Exeter/Shutterstock
