Gail’s Investor Eyes Flat Iron Steakhouse in Major Hospitality Deal

McWin Capital and TriSpan enter exclusive talks to acquire fast-growing restaurant chain

Flat Iron Attracts Big Investment Interest

Flat Iron, one of the UK’s fastest-growing steakhouse chains, is the target of a potential acquisition by private equity firms McWin Capital Partners and TriSpan.

McWin—already a backer of Gail’s artisan bakeries—is leading the talks and is expected to take the largest stake if the deal goes through. Industry insiders say the two firms are in exclusive negotiations, with a transaction likely within a month.

Profitable Growth Driving Investor Appetite

Founded in 2012 in London’s Shoreditch, Flat Iron has rapidly expanded to around 20 locations and has become a highly profitable player in the UK casual dining market. The chain reported underlying profits of £5.7 million in its latest financial year ending August.

Its current backer, consumer brand specialist Piper, invested £10 million in 2017 and still retains a significant interest. Founder Charlie Carroll also continues to be involved, while the company is now led by Tom Byng, former CEO of Byron.

Strategic Backing from Sector Specialists

• McWin Capital focuses on investments across the “food ecosystem” and has reportedly been in talks to take full control of Gail’s.
• TriSpan, meanwhile, has a strong track record in the restaurant sector, previously investing in Pho and Rosa’s Thai Cafe.
• Houlihan Lokey is advising Flat Iron on the deal.

The move would mark a rare joint investment between two specialist private equity firms, signalling strong confidence in Flat Iron’s potential for further growth.

What This Means for the Hospitality Sector

The potential deal comes amid a wave of renewed investment in high-performing food and beverage brands. With the hospitality sector rebounding post-pandemic, profitable and scalable concepts like Flat Iron are drawing heightened interest from investors looking for high-margin, brand-led growth opportunities.

Flat Iron’s Next Chapter?

• McWin and TriSpan in exclusive talks to acquire Flat Iron
• 20+ sites across the UK, with strong profitability
• £5.7m in annual profits, showing strong operational performance
• Backed by Piper since 2017, with founder and industry veterans at the helm
• Deal could complete within one month, pending negotiations

This high-profile acquisition could position Flat Iron for its next stage of national or even international expansion—underlining continued investor appetite for premium, fast-casual dining brands in the UK.

Sources: (SKY.com, ChatGPT)