News

Wagamama gearing up for US expansion

February 26, 2020

London-based Wagamama is building its U.S. presence thanks to a deal with Conversion Venture Capital and its operating partners, Robert Cornog Jr. and Richard Flaherty. The former leaders of Punch Bowl Social, an eat-drink-play concept, will assume full ownership and operational control of the six existing U.S. units as part of an 80:20 joint venture partnership with The Restaurant Group — the parent company of Wagamama — serving as a minority partner.

"Wagamama is ideally suited for the U.S. market," Flaherty said in a company press release. "Its global culture promotes an engaged, social atmosphere.  And its pan-Asian cuisine is fresh, flavorful and appealing to a broad audience. Together, our food and approach deliver a high-quality, high energy, differentiated experience to the modern consumer."

Richard Flaherty and Robert Cornog Jr. are now the majority owners of the US-based Wagamama locations.

Cornog and Flaherty will rapidly grow the U.S. footprint starting with Monday's opening of a midtown location in New York.

"The customer following Wagamama has developed in Boston and New York has only built our confidence in the brand's global potential, but like many businesses, in our industry, the challenges of running a U.S. business at arm's length have inhibited the pace of our growth," CEO Emma Woods said in the release. "In Robert and Richard, we're so pleased to have found two on-the-ground business leaders who not only have the operational experience to realize our ambitions but who genuinely share our love for everything that makes Wagamama so special."

Taking inspiration from the flavors of Japan, China and Korea to create recipes with a modern and nourishing twist, Wagamama opened in London in 1992 and has more than 200 locations in 27 countries.