Who owns Itsu?

Mostly its founder. Itsu is controlled by Julian Metcalfe, who co-founded Pret a Manger and opened the first Itsu in Chelsea in 1997. The London private equity firm Bridgepoint has owned a minority stake since 2021, and in September 2026 it was reported to be preparing to sell it.

Itsu is two businesses under one owner: the restaurants, and a grocery arm that sells Itsu noodles, gyoza and rice in supermarkets.

What does the register show?

The restaurants are run by Itsu Limited, company number 03286342, which has had the name since 1999. The grocery business is Itsu [Grocery] Ltd, company 06598773, which began in 2008 as Metcalfe's Skinny Topcorn Company. Metcalfe is a director of both.

Both companies are owned, with 75% or more, by Butterfly 21 Bidco Limited, which sits under Butterfly 21 Midco Limited and then Butterfly 21 Topco Limited, company 13207575. Topco's register names three controllers:

• Metcalfe's company, MFC Global Limited, with more than half but less than three-quarters of the shares and votes and the right to appoint directors. Until 2 October 2026 the register named Metcalfe himself; on that date the holding moved into MFC Global, whose own register names Metcalfe with 75% or more.
• BEV GP LLP, a Bridgepoint fund partnership, with more than a quarter but no more than half.
• Bridgepoint Advisers Limited, with significant influence or control.

So the chain ends at one named person, Metcalfe, with Bridgepoint the minority partner. The register gives bands, not exact stakes.

How did Itsu come to be owned this way?

Metcalfe opened the first Itsu in Chelsea in August 1997, with Clive Schlee, The Caterer reported; Schlee is still an Itsu director. The grocery business grew out of Metcalfe's Skinny, the popcorn brand, which was demerged in 2015, and the remaining company became Itsu Grocery, The Grocer reported.

In 2020 Itsu used a company voluntary arrangement to cut rents across much of its estate, Restaurant Online reported; it was completed in 2022. In June 2021 Bridgepoint bought a "significant minority stake" in a deal that reportedly valued Itsu at about £100 million, with money to open up to 100 more restaurants, The Grocer reported.

In September 2026 Bridgepoint was reported to be preparing to sell that stake, with Metcalfe looking for a new major investor to grow Itsu abroad, The Grocer reported, citing Sky News. No buyer has been announced.

How big is Itsu?

For the year to 1 January 2026, the group's revenue was £201 million, up 14%, and it made a pre-tax profit of £3.9 million after a loss the year before, The Grocer reported. Most of the profit came from groceries: Itsu Grocery's sales rose 33% to £75.8 million, with a pre-tax profit of £12.5 million. The restaurant company's revenue was £124 million, and it made a pre-tax loss of £5.2 million, City AM reported.

Itsu's website says it has 83 restaurants. Some are run by franchise partners, including in travel hubs; in January 2025 three franchised restaurants, in Aberdeen, Edinburgh and Reading, closed when their operator was sold in a pre-pack administration, Restaurant Online reported.

Is Itsu independent?

Not by our verified independent badge, which marks a locally and privately owned business rather than a chain, franchise or private-equity estate. Itsu is still run by its founder and he holds control, which is rarer than it should be at this size, but it is a chain of more than 80 restaurants with a private equity minority and some franchised sites.

The useful label is restaurant chain, founder-controlled, private equity minority. Its founder's other chain went a different way: see who owns Pret a Manger. For another founder who took his chain back, see who owns Leon.

For independent places to eat, owned by the people who run them, see our restaurants in Lincoln and restaurants in Hackney E8.

Questions people ask

Who owns Itsu?

Julian Metcalfe, its founder, controls it through his company MFC Global. The private equity firm Bridgepoint owns a minority stake.

Does the founder of Pret own Itsu?

Yes. Julian Metcalfe co-founded Pret a Manger and founded Itsu in 1997. Pret itself is now majority owned by JAB Holding; Itsu is the chain he still controls.

Is Itsu being sold?

Not the whole business. In September 2026 Bridgepoint was reported to be preparing to sell its minority stake. Metcalfe keeps control.

Is Itsu grocery the same company as the restaurants?

They are sister companies with the same owners. The grocery business sells Itsu-branded food in supermarkets and is currently the more profitable half.

Last checked 16 October 2026. This article uses the Companies House records, persons-with-significant-control registers, officers lists and filing histories of Itsu Limited (company 03286342), Itsu [Grocery] Ltd (06598773), Butterfly 21 Bidco Limited (13226962), Butterfly 21 Midco Limited (13227063), Butterfly 21 Topco Limited (13207575), MFC Global Limited (17101189) and BEV GP LLP (OC391598); itsu.com; and reports by The Caterer (1 July 2010), The Grocer (15 May 2015, 22 June 2021, 2 September 2026 and 10 September 2026), Restaurant Online (3 August 2020 and 20 January 2025) and City AM (9 September 2026). What is not claimed: Metcalfe's and Bridgepoint's exact percentages, since the registers give only bands; who will buy Bridgepoint's stake, or for how much; how many restaurants are franchised; and employee numbers. If you spot something that needs correcting, email Highstreett and we will review it.