McWin and TriSpan in exclusive talks to acquire Flat Iron

McWin Capital Partners has teamed up with fellow private equity TriSpan to potentially buy a significant stake in Flat Iron.

The pair are in 'exclusive talks' to acquire Flat Iron with a deal possible in approximately a month's time.

Industry sources added that McWin, which already counts Sticks'n'Sushi, Big Mamma and Gail's in its hospitality portfolio, would probably take the most significant economic interest in Flat Iron if the deal completes.

It comes after Flat Iron confirmed the appointment of advisers in October to review its strategic options, following record sales in its latest financial year.

The affordable steakhouse chain has been working with Houlihan Lokey, a boutique adviser, to assess its options, which are understood to include third-party investment or a possible sale of the business.

Flat Iron was founded by Charlie Carroll in 2012 as a pop-up above a pub in Shoreditch and now operates an 18-strong restaurant estate that's primarily based in London but includes regional outposts in Cambridge, Leeds and Manchester.

In its most recent accounts, sales jumped 38% to a record £49.6m in the 12 months to the end of August 2024, with underlying profits rising to £5.7m from £3.8m in 2023.

The group added that it is aiming to open another four to five sites per year going forwards.