YO! Sushi to close 19 sites in CVA move

Yo! Sushi is set to close 19 “unsustainable” or “loss making” sites after launching a company voluntary arrangement (CVA).

The brand is looking to cut overheads in the UK and will trim back its portfolio if 59 restaurants.

As many as 250 jobs could go as part of the restructuring plans, though Yo! said it will try to redeploy team members where possible.

Richard Hodgson, CEO of YO!, said: “Like the rest of the sector, we need to take decisive action to adapt to the lasting changes that the Covid pandemic has brought about.

“While we have already taken measures to reduce costs, rents remain an issue. In the current climate, it’s just not viable for us to keep any sites that no longer perform.

“While it’s been a very difficult decision to make and I am very sorry that it will mean losing many of our team members, a CVA has become an essential measure to secure our business for the future, and enable us to protect as many jobs as possible.”

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