Wagamama pushes US expansion with new JV

It is expected to launch 30 to 40 new sites over the next five to six years.

Wagamama has inked a joint venture (JV) partnership to expand its presence in the US.

The UK-based fast casual’s parent, The Restaurant Group (TRG), now holds a 20% minority stake in the US business whilst partner Conversion Venture Capital has 80% of the estate.

Meanwhile, Robert Cornog and Richard Flaherty, both senior officials at restaurant concept Punch Bowl Social, are the new operating partners.

The Asian-inspired brand expected that the JV would open 30 to 40 new sites over the next five to six years.

Wagamama saw 8.5% year-on-year rise in like-for-like sales in FY 2019, trading “ahead of management expectations”, according to TRG’s recent financial disclosure.

The partnership commenced last 31 January.