Flat Iron restaurants acquired by TriSpan and McWin

Investors McWin and TriSpan have teamed up to secure a co-control majority investment in the Flat Iron restaurant chain.

The deal will see Piper, the private equity firm which took a £10m stake in Flat Iron in 2017, exit the business.

McWin and Trispan said they planned to continue to expand the steak restaurant group in the UK as well as oversee its “first steps into international markets”.

Flat Iron was founded in 2012 by Charlie Carroll and has grown to 18 restaurants across London, Manchester, Leeds and Cambridge. For a time, it sold its signature steaks for £10, but they are now priced at £15.

Tom Byng, who has led Flat Iron since 2021, will remain as chief executive of the business through its next stage as growth.

Byng said: “Our success at Flat Iron is a team effort from the pot wash to the boardroom, and we are pleased to welcome McWin and TriSpan to the Flat Iron family.

“Their deep experience and knowledge of the sector are second to none and will be invaluable as we continue our mission to serve ‘remarkable steak’ to more locations in London, across the UK and abroad.”

McWin also backs restaurants including Gail’s, Sticks’n’Sushi and Big Mamma Group.

Flat Iron is the first acquisition for McWin’s newly launched Foodservice Fund, which is dedicated to lower to mid-cap European foodservice companies it believes have the opportunity to scale.

TriSpan has made the investment through its Rising Stars Programme, which has also backed restaurant brands Pho, Mowgli and Rosa’s Thai.

Robin Rowland, operating partner at TriSpan, said: “The UK dining out market is a vibrant growing sector of £110b+ turnover that continues to innovate, and Flat Iron is a clear winning brand offering outstanding value that truly delivers to a wide group of guests throughout the week.”

Harry Goss, partner and head of foodservice at McWin, added: “We believe that Flat Iron has the right to become a multi-national British champion.”

Houlihan Lokey advised Flat Iron on the transaction.

Terms of the deal were not disclosed.