Kaizen BV is the holding company of Noodlebar Benelux BV, a restaurant chain that owns the licensing rights for the Dutch and Belgian markets of the international restaurant formula Wagamama. In total, Wagamama has 220 branches worldwide.

Wagamama restaurants are “fast casual dining”, the fastest growing segment within the restaurant sector. Wagamama restaurants are based on Japanese cuisine with an extensive choice of noodle and rice dishes. In Wagamama restaurants you can dine quickly and healthy for a modest price. The main features are: fast and friendly service, fresh ingredients, extensive menu, open kitchen, beautiful interior and attractive price. Wagamama restaurants are efficiently designed, serve many guests and achieve high turnover.

Product

Wagamama serves noodle and rice dishes, various side dishes, freshly squeezed juices, wine and Japanese beers. All restaurants worldwide have the same menu, based on Asian cuisine, with quality being strictly monitored by the franchisor Wagamama Ltd. The checks take place through 'mystery dining' and internal and external checks on 'quality', 'service', 'control and development' and 'health and safety'.
Wagamama's target group is broad and varied and consists of tourists, business guests, families, shops and entertainment audiences. The average spend is approximately €20 per guest and the average turnover is €4.000 to €12.000 per day per restaurant. In addition to the turnover from guests who have lunch or dinner in our restaurants, we also generate turnover from delivery. To this end, we work together with delivery platforms Thuisbezorgd, Uber Eats and Deliveroo.

For an impression of Wagamama restaurants, please refer to our website: www.wagamama.nl.

Since the NPEX bond loan in 2016, 4 new Wagamama restaurants have been built in Rotterdam, Roermond, Utrecht and Brussels and the first Wagamama restaurant on Max Euweplein Amsterdam (since 2000) has been renovated and equipped with a completely new interior.

In 2016, Kaizen acquired the full shareholding in Noodlebar Benelux, the financing of which was partly achieved with the first NPEX bond loan. In 2019, for strategic considerations, a 10% shareholding was sold to VHC Jongens BV, Wagamama's largest supplier. In addition, another 2019% of the shares were sold to Gribhold BV in 10

All our restaurants are located in busy locations in major cities with many passers-by. Because we serve many guests in each restaurant, we can achieve high turnover. The average turnover per restaurant is well over 2 million euros per year. In 2019 we had 8 restaurants with a total turnover of more than 17 million euros. Our 2020th restaurant opened in Brussels in February 9, the opening was a great success and turnover in the first weeks was far above expectations. The turnover expectation in 2020 was more than 20 million euros.

Due to corona, we had to adjust our turnover forecast downwards in 2020. We were temporarily closed and then opened with restrictive measures. Yet we can get through this year well thanks to support from the Dutch and Belgian governments. We use NOW and TVL in the Netherlands and technical unemployment and nuisance premium in Belgium to pay our wage costs and fixed costs. To limit costs during corona, we have agreed on rental discounts with the landlords of our locations. And to partially offset the turnover, we have entered into a partnership with the delivery platforms Thuisbezorgd, Uber Eats and Deliveroo.

We expect our turnover to recover in the course of 2021, once the corona crisis subsides and the economy gets going again.

If you invest in the new bond loan, you will receive a NPEX Wagamama VIP card, which entitles you to a 25% discount for 2 people in all Wagamama restaurants in the Netherlands and Belgium from Kaizen BV during the term of the Wagamama bond loan II.

The rates charged by NPEX are shown below.

*To be calculated based on the nominal value of the bonds in the portfolio on the coupon payment date and to be offset against the (monthly) interest payment.