Sushi chain Itsu mulls restructuring options

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Itsu exploring restructuring options as coronavirus crisis continues to reshape the high street.

Propel Info and the Times are reporting that the sushi chain Itsu is putting insolvency on the table.

The chain, which was founded in 1997 by the Pret A Manger co-founder Julian Metcalfe, is working with advisory firm AlixPartners on its options, which could include carrying out a company voluntary arrangement (CVA).

The coronavirus has affected many food outlets, who depend on lunch time business trade especially in London. Many business will not be returning to offices for some time yet.

Itsu said that for its sushi it selects “superior grade fresh salmon sashimi fillets from Scotland and the crystal clear waters of Norwegian fjords.”

Last year,  Itsu’s grocery business launched a partnership with M&S to stock Itsu-branded chilled broths in 500 of the supermarket’s food halls. According to the Daily Mail, it supplies about 50 products to 35,000 shops including Whole Foods, Sainsbury’s, Morrisons and Asda.