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Flat Iron shut down Golborne Road site following rent spike

03 July 2019 by
Flat Iron shut down Golborne Road site following rent spike

Affordable steak concept Flat Iron has closed down its site on Notting Hill's Golborne Road, with founder Charlie Carroll putting the blame on increased rents and poor transport links.

Founder Charlie Carroll said: "I have always loved Golborne Road. Though it's not well known, it has the most amazing community and vibe. We are very sad to be leaving, but given the rent hike we have been asked for and the amazing value we strive to offer, a small neighbourhood site with limited transport links no longer adds up.

"We are fiercely proud of what we did with the site and hope we were a valued part of a community we love. We are focusing on opening a new Flat Iron restaurant in Spitalfields and launching Flat Iron Workshop at Arcade Food Theatre."

It comes as the firm looks to cautiously expand into the market having not developed any new sites in 2018. In a statement alongside the firm's full-year results, finance director Stuart McNamara said directors had "decided to slow the opening of new sites to monitor the increased availability of prime locations being offered to the company", adding that while delays at a proposed site had slowed growth, new sites in London's Caledonian Road and Tooley Street were trading "ahead of expectations".

The gradual growth is expected to be backed up a £5m funding package from SME specialists ThinCat announced in January, building on £10m of private equity backing from Piper in 2017.

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