McWin in talks to acquire Flat Iron

Gail’s Bakery backer McWin Capital Partners is in talks for a deal to acquire steak restaurant Flat Iron, according to reports from Sky News.

McWin has reportedly teamed up with TriSpan to try and buy a large stake in the restaurant chain. As it currently stands it is unclear what valuation has been placed on Flat Iron.

It is believed that any possible deal could be completed as soon as next month, with McWin likely to take the largest economic interest in Flat Iron if a deal was to go ahead.

Investment bank Houlihan Lokey has reportedly been advising Flat Iron on the process.

Flat Iron was founded in 2012 by Charlie Carroll opening its first restaurant in Shoreditch in London and has since steadily expanded to 20 sites. Carroll retains an interest in the company, but it is now run by former Byron restaurant boss Tom Byng.

The chain already has private equity backing in the form of Piper, which invested £10m in the business back in 2017. Most recently Flat Iron posted underlying profits of £5.7m in the year ended August 2024.

Away from the deal, it is also believed that McWin has been in talks to try and acquire full control of the Gail’s operation. TriSpan’s portfolio has included restaurant operators such as the Vietnamese chain Pho and Rosa’s Thai.

Last year it was reported that Bread Holdings had appointed Goldman Sachs to auction a sale of Gail’s with a deal for around £500m said to be touted.

It is understood that McWin is now seeking to pre-empt a sale process for the 150-store chain. The potential buyout by McWin Capital would likely see Bread Holdings and Bain Capital both fully exit the bakery-café chain.

Catering Today has contacted McWin for comment.