McWin reportedly in talks to acquire steakhouse Flat Iron

McWin Capital Partners, backer of Gail’s, Sticks’n’Sushi and Big Mamma Group, is believed to be in talks to acquire British steakhouse chain Flat Iron.

It comes roughly seven months after the restaurant group appointed boutique adviser Houlihan Lokey to review its strategic options, including third-party investment or a possible sale of the business.

According to Sky News, McWin has teamed up with private equity firm Trispan, which has a majority stake in Asian restaurant chains such as Rosa’s Thai, Pho and Mowgli, to acquire Flat Iron, which hit record sales in the 12 months to the end of August last year.

Sources told the news outlet that McWin would “probably take the largest economic interest in Flat Iron” in the case of a deal, which could take place within a month’s time.

Flat Iron was founded in 2012 as a pop-up above a London pub by Charlie Carroll and opened its first permanent site later that year in Beak Street in Soho. For a time it sold high quality steak for £10, which has now gone up to £14.

In 2017, private equity firm Piper took a £10m stake in the affordable steakhouse chain.

Flat Iron now operates 18 restaurants across the UK, predominantly in London but with regional sites in Cambridge, Leeds and Manchester.

McWin and TriSpan have been contacted for comment.