Grant Thornton advises Tonkotsu Limited Tonkotsu Limited received investment from YFM Equity Partners

June 2019
Adviser to Tonkotsu on their investment by YFM Equity Partners
Grant Thornton team
Consumer markets
Sell side
Corporate finance
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We are delighted to have advised Tonkotsu Limited on receiving investment from YFM Equity Partners.

Tonkotsu was founded in 2012 by Ken Yamada and Emma Reynolds as a pop-up ramen concept. Since then it has established itself as a prominent ramen business in the Japanese casual dining sector in London. Tonkotsu offers authentic, high quality ramen in a vibrant atmosphere at an affordable price across 10 prime central locations.

Having grown to 10 sites, Tonkotsu wanted to find a partner to secure new investment to fund its next stage of growth.

Our team leveraged their experience in the casual dining sector to swiftly understand the company and the objectives of its shareholders.

We supported the shareholders on their strategy to market and executed a streamlined process, including a full sale preparation phase, connecting with the key players in the market. Our team introduced YFM as a highly credible partner with leisure experience, who ultimately were the investment partner best aligned with management ambitions.

The management team now have an exciting opportunity to participate in the future growth and success of the company - the team are excited to be staying with the business through the next stage of its expansion plans.

The investment will allow Tonkotsu to strengthen its openings pipeline with plans for further sites in London and regionally, with a target of opening in excess of 20 new sites over the next 5 years.


Securing development capital for Tonkotsu was crucial to fulfilling our ambition to grow the restaurant group. Alex Harris of Grant Thornton provided invaluable expert support and guidance throughout the process and was a pleasure to work with. He and the team had their eye on the detail from initial introductions to potential investors, throughout the negotiation period, resulting in a sound deal with our preferred partner, YFM.

Emma Reynolds Co-founder & Director, Tonkotsu Limited

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