Wasabi appoints KPMG to negotiate turnover-based rents
Its chief executive believes it can adapt to be a "healthy and sustainable" business.
Wasabi has appointed KPMG to lead discussions with landlords in a bid to pivot to a turnover-based rent arrangement, the chain said in an announcement.
The chain said it is analysing its strategic options as it looks to cut fixed costs.
“Pre-Covid, we had a thriving brand and business, known for its high-quality, fresh, fast and excellent value offer. There is now a big question mark over how and when demand will recover, and as it does we then have the challenge of managing capacity and speed of service in our kitchens and front of house alongside restrictions around social distancing,” chief executive Henry Brits said.
"We are working extremely hard to flex our operating model in the light of this uncertainty but this is not going to work unless our fixed costs, primarily our rents, also reflect this economic reality. It is nevertheless our belief that with the support of all of our stakeholders, including our landlords, we can adapt to once again be a healthy and sustainable business, preserving jobs, playing our part in the broader economic recovery and continuing to serve our customers both safely and efficiently."
