Itsu to open 20 more London outlets

Itsu, the London-focused sushi chain set up by the founders of Pret a Manger, today secured a £14 million finance deal that will see it open more than 20 new outlets in the capital and create 350 new jobs.

Pret’s founder Julian Metcalfe opened the first itsu restaurant in Chelsea in 1997, and the chain now operates 38 shops in London plus two large restaurants. However it remains famous for being at the heart of a Russian spy scandal, with its Piccadilly outlet being the site where Alexander Litvinenko ate before being admitted to hospital with radiation poisoning.

Itsu said its financing package, which was arranged with HSBC, will fund expansion over the next three years.

Mark Frettingham, HSBC’s Head of Corporate Banking for southern England, said: “HSBC is delighted to be supporting itsu and its strong management team. They are putting significant energy into seeking out exciting opportunities for expansion without compromising their principles.”

Itsu’s sales have accelerated despite the economic downturn, with managing director Gerard Longhran last year reporting them up 30% year-on-year.

Metcalfe is also rolling out an itsu retail line, including its iced white tea sold in branches of Waitrose, and branded miso soups on supermarket shelves this spring.