McWin Capital Partners — the investor behind Gail’s, Sticks’n’Sushi, and Big Mamma Group — is reportedly in discussions to acquire the British steakhouse chain Flat Iron.
The talks come approximately seven months after the restaurant group enlisted boutique advisory firm Houlihan Lokey to explore strategic options, including securing third-party investment or pursuing a potential sale.
According to Sky News, McWin has partnered with private equity firm Trispan—majority owners of Asian restaurant chains like Rosa’s Thai, Pho, and Mowgli—in a bid to acquire Flat Iron, which recorded its highest sales in the 12 months ending August last year.
Sources told the news outlet that McWin would “probably take the largest economic interest in Flat Iron” if the deal goes through which could happen within the next month.
Flat Iron was founded in 2012 by Charlie Carroll, initially as a pop-up above a London pub, before opening its first permanent location later that year on Beak Street in Soho. The restaurant originally offered high-quality steak for £10, a price that has since increased to £14.
In 2017, private equity firm Piper invested £10 million to take a stake in the affordable steakhouse chain.
Flat Iron currently runs 18 restaurants across the UK, mainly in London, with additional locations in Cambridge, Leeds, and Manchester.