London – LAWFUEL – UK Law & Business News – DLA Piper has advised the management team of YO! Sushi, the UK’s leading Japanese conveyor-belt restaurant brand.
Barclays Bank has provided £17.5 million of new banking facilities, which will fund a release of capital to all of YO! Sushi’s shareholders. It will also provide the financial strength needed for YO! Sushi to accomplish an accelerated roll-out over the next three years.
The DLA Piper team was led by Charles Severs, Jon Kenworthy and Ed Griffiths.
Charles Severs commented: “This was an excellent transaction on which to be instructed. YO! Sushi’s management team has consistently delivered during the past three years since the Primary investment and this refinancing is confirmation of the progress they have made. I am sure that we can expect more good things to come.”
In 2003, Chief Executive Robin Rowland led a management buyout of the business backed by Primary. Since then, YO! Sushi has expanded to 26 sites across the UK and has a growing international franchise network. A further six UK sites are planned for 2007.
Commenting on his experience working with the DLA Piper team on the deal, Robin Rowland said: “DLA Piper gave YO! Sushi management considered, commercial, well informed advice. DLA Piper did an excellent job advising and representing management interests with other advisers on this transaction, including accountant, banking and company and IP legal teams.”
DLA Piper’s corporate team is very active in the restaurant sector, having recently acted for Bank of Scotland’s Integrated Finance unit in the £50 million MBO of Conran Restaurants from Conran Holdings; and on the sale of roadside restaurant Little Chef’s property assets for more than £60 million to an Israeli real estate investor.