Private equity firm Bridgepoint has confirmed a deal to take a stake in fast-food chain Itsu which it says will help create 2,000 UK jobs within the next five years.
Bridgepoint is buying a minority holding in the Asian-inspired chain, which is planning to add 100 new outlets over that time period.
The announcement did not disclose financial details of the deal.
Image: Bridgepoint and Mr Metcalfe previously worked on the expansion of Pret a MangerSky News reported last week that it was expected to value Itsu at up to £100m.
The tie-up with Bridgepoint reunites the London-based investor with Itsu founder Julian Metcalfe, who previously joined forces to grow Pret A Manger into a ubiquitous British high street brand.
AdvertisementMr Metcalfe said: “We are thrilled to be teaming up with Bridgepoint again after our success at Pret A Manger.”
Itsu is currently building new sites in Reading, St Albans and Holborn, as well as Belgium.
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Bridgepoint said the grocery division was enjoying 70% growth and that total sales for the group in 2022 are forecast to be “well in excess of £170m”.
The deal comes less than a year after Itsu secured approval from its creditors for a company voluntary arrangement (CVA) – an insolvency mechanism allowing struggling companies to restructure and reduce financial liabilities such as rents and bank debt.
As part of that process, the chain closed two of its UK outlets and agreed rent cuts at most of the remaining sites.
