Steak restaurant group Flat Iron has received a GBP10 million significant minority investment from Piper, in a deal advised by global investment bank GCA Altium.
Founded in 2012 by entrepreneur Charlie Carroll as a pop-up above a London pub, Flat Iron now has four sites in the capital (Soho, Tottenham Court Road, Covent Garden and Shoreditch), with two further restaurants due to open later this year in Golborne Road and King’s Cross.
The business offers a simple and modern take on the traditional steakhouse, serving its signature flat iron steak for just GBP10. The mix of quality and affordability has enabled Flat Iron to experience strong growth figures since its inception, recording revenues of more than GBP8 million last year.
Piper is an investment house that specialises in consumer businesses with a turnover of GBP5 million to GBP25 million. The firm has worked with a number of high profile brands, including café bar chain Loungers, health supplements company Maximuscle and Caribbean restaurant chain Turtle Bay.
The deal provides the company with the necessary funding to continue to build its team and open additional sites. Charlie Carroll will remain Flat Iron’s managing director, retaining a controlling stake, while early backers of the business have had the opportunity to achieve a full exit.
A team at GCA Altium, led by managing director Sam Fuller and director Katherine Hobbs, advised the shareholders of Flat Iron on the sale. This is the latest in a series of high profile casual dining transactions that the firm has advised on in recent years. The global investment bank has recently led on deals including Loungers, D&D, Le Bistrot Pierre, Vital Ingredient and Prezzo.
Sam Fuller, managing director at GCA Altium, says: “Flat Iron is one of the most sought-after casual dining concepts out there at present, disrupting the market by delivering great quality steak at an affordable price. Charlie is building something special and, in Piper, the company has found the perfect partner to help it become a real force in the casual dining sector.”
Charlie Carroll, managing director at Flat Iron, says: “I wanted to work with a partner who shared my vision for Flat Iron and my ambition to build restaurants that focus on being better and different at every stage of the guest experience.
“Piper’s passion for Flat Iron has been evident from the outset, they have taken great care to build a relationship with me and to really understand what we are trying to do. This, coupled with their deep understanding of the sector and ability to add significant value through their networks, knowledge and in-house expertise, led me to select them as my partner.”
