Simon Woodroffe, founder of the Yo! Sushi conveyor belt sushi bar chain, is in refinancing talks over the sale of a 30 per cent stake in the company.

The deal, raising over £10m, will allow a doubling of the number of Yo! Sushi restaurants in the UK and permit overseas expansion through franchising.

Under the arrangement, Woodroffe will step down as chair and responsibility for running the chain will move to managing director, Robin Rowland.

Woodroffe will then concentrate on other projects, including the Yotel!, a low cost, city centre hotel concept and a spa project called Body YO!, in addition to fashion and organic food developments.

Founded in 1997, Yo! Sushi runs twelve restaurants and three bars in the UK, with a new restaurant opening in Fulham this month. Its first overseas outlet opens in Dubai in April under a franchising agreement.

It is also currently in talks with parties interested in setting up a franchise arrangement for an operation in the USA and is in negotiations over a similar deal for outlets in Kuwait. Details: www.yosushi.com.