Key facts
- Bridgepoint has acquired a significant minority stake in the Asian-inspired restaurant chain Itsu.
- The deal values Itsu at approximately £100 million.
- Bridgepoint will provide investment to add up to 100 new restaurant sites in the UK.
- The expansion is projected to create 2,000 jobs over five years.
- Itsu's grocery division reported 70% growth, exceeding £20 million in sales last year.
- Total group revenues for 2022 are forecast to be well over £170 million.
Bridgepoint has acquired a significant minority stake in the Asian-inspired restaurant chain Itsu, reuniting the private equity firm with Itsu founder Julian Metcalfe, who previously partnered with Bridgepoint on Pret a Manger.
The deal, which reportedly values Itsu at £100 million, includes substantial investment to support the opening of up to 100 new restaurant sites in the UK over the next five years, creating an estimated 2,000 jobs. This expansion follows a period of strong growth for Itsu's grocery division, which has seen a 70% increase in sales, surpassing £20 million last year and marking a 59% rise compared to 2019. The group's total revenues for 2022 are forecast to exceed £170 million.
This investment signals a turnaround for Itsu, which had previously undergone a restructuring process and Company Voluntary Arrangement (CVA) due to the impact of the coronavirus pandemic on the hospitality sector. Metcalfe expressed his excitement about the partnership with Bridgepoint, highlighting the growing customer demand for healthy and nutritious food. Bridgepoint partner Benoit Alteirac views Itsu as a global opportunity, citing its affordable, convenient, and fresh food offerings, with nearly 40% of its menu being plant-based.
Itsu is currently developing new locations in Reading, St Albans, Holborn, and Belgium, and plans to implement digital kiosks across its restaurant portfolio.
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