Wingstop UK has sold a majority stake in its business to the US-based private equity firm Sixth Street, according to a report by Yahoo Finance.
While the financial details of the transaction remain undisclosed, it is believed that the sale is valued at no less than £400m.
Despite Sixth Street taking control, Wingstop UK’s three co-founders will reportedly maintain a minority stake in the company.
Wingstop UK, which launched in 2018, opened its first restaurant in Cambridge Circus, London.
Wingstop has been rapidly expanding, opening 42 locations in the year ending 31 March and planning to have 57 stores by the end of 2024, making it the UK’s fastest-growing restaurant chain. The brand has become popular with younger consumers and attracted celebrity endorsements from stars like rappers Stormzy and AJ Tracey.
Recently, it was revealed that Wingstop more than doubled its sales over the past year, generating £84.6m in revenue for the year ending 31 March 2024, and recording a pre-tax profit of £3.5m. By the end of 2024, the company’s revenue is projected to exceed £150m.
