Itsu appoints new CFO

Itsu has appointed Greg Thorp as its new group CFO after a successful 16 years at Pret a Manger. Thorp joins the leadership team alongside CEO Ganan Kanagathurai and founder Julian Metcalfe.

Ganan Kanagathurai, retail CEO, said: “I am thrilled to have hired someone with the experience and gravitas to lead our Finance Function and develop the group’s financial strategy. Having been through Pret’s growth journey, in the UK and Internationally, he has exactly what we need to help execute our group vision.”

It comes as an increasing demand for healthy affordable food has accelerated expansion plans for the group. Last month saw restaurant sales return to pre-pandemic levels, while sales outside of London are up 20% against 2019.  

The group’s grocery division continues to see “exceptional” sales growth of its Asian-inspired foods across UK and European supermarkets. Net turnover for this was up 39% in 2021 following a “record breaking” 2020.

International alternative asset group, Bridgepoint, who worked with Metcalfe and Thorp at Pret from 2008-18, secured a minority investment in the Itsu business last year. 

The investment will reportedly help fund the opening of 100 new restaurants over the next five years, including several worldwide franchise partnerships. The restaurant expansion, coupled with the growth of grocery, should see over 2,000 new jobs created.