Gail's backer plots rare move with bid for steak chain Flat Iron
A backer of Gail's bakeries is in advanced talks to acquire Flat Iron, one of Britain's fastest-growing steak restaurant chains.
Sky News has learnt that McWin Capital Partners, which specialises in investments across the "food ecosystem", has teamed up with TriSpan, another private equity investor, to buy a large stake in Flat Iron.
Restaurant industry sources said McWin would probably take the largest economic interest in Flat Iron if the deal completes.
They added that the two buyers were in exclusive discussions, with a deal possible in approximately a month's time.
The valuation attached to Flat Iron was unclear on Sunday.
Flat Iron launched in 2012 in London's Shoreditch and now has roughly 20 sites open.
The chain is solidly profitable, with its latest accounts showing underlying profits of £5.7m in the year to the end of August.
It already has private equity backing in the form of Piper, a leading investor in consumer brands, which injected £10m into the business in 2017.
Flat Iron was founded by Charlie Carroll, who retains an interest in it, but the company is now run by former Byron restaurant boss Tom Byng.
Houlihan Lokey, the investment bank, has been advising Flat Iron on the process.
McWin has reportedly been in talks to take full control of Gail's while TriSpan's portfolio has included restaurant operators such as the Vietnamese chain Pho and Rosa's, a Thai food chain.
A spokesman for McWin declined to comment.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Bloomberg
an hour ago
- Bloomberg
Bloomberg Daybreak Asia: Markets Edge Higher With US-China Talks Set to Continue
Asian shares edged up, buoyed by expectations about the US-China trade talks as officials struck a positive tone after the first day of negotiations. While no significant breakthroughs were announced after the first day of talks and stocks pared some of their earlier gains, US officials sounded optimistic about the negotiations. With a key inflation read on tap Wednesday - and the Federal Reserve is entering a blackout period before its June 18 interest-rate decision - money managers are wrestling with what could propel the S&P 500 back to a record after the index soared 20% from its April lows. For a look at how the talks are impacting market action, we hear from Jim Worden, Chief Investment Strategist at the Wealth Consulting Group. Talks will continue into a second day, according to a US official, as the two sides look to ease tensions over shipments of technology and rare earth elements. The advisers will meet again Tuesday at 10 a.m. in London, the official said. US Commerce Secretary Howard Lutnick said discussions between Washington and Beijing were "fruitful" and Treasury Secretary Scott Bessent cited a "good meeting." Talks will continue into a second day, according to a US official, as the two sides look to ease tensions over shipments of technology and rare earth elements. The advisers will meet again Tuesday at 10 a.m. in London, the official said. For a closer look, we hear from Bloomberg's Jennifer Dlouhy in Washington and Stephen Engle in Hong Kong. They speak with Bloomberg's Shery Ahn and Haidi Stroud-Watts.
CBS News
an hour ago
- CBS News
Leaders applaud Amazon's "historic investment" in Pennsylvania data centers
State leaders and Amazon came together on Monday to announce a historic investment. Amazon is pumping $20 billion into Pennsylvania to create high-tech cloud computing and artificial intelligence innovation campuses. Governor Josh Shapiro says it's the largest private sector investment in the commonwealth's history. "An initial announcement of about $20 billion in multiple state-of-the-art data centers across our commonwealth that will power our global economy and the future of artificial intelligence," said Governor Shapiro. "These facilities are really going to serve as the backbone of America's AI infrastructure, helping make sure that the United States continues to remain at the forefront of global technology innovation," said Kevin Miller, vice president of global data centers for Amazon Web Services. The data centers will be built in Luzerne County and a former U.S. Steel mill in Bucks County. But Amazon says other parts of Pennsylvania are under consideration. "It is just the beginning, because our administration is actively engaged with Amazon on additional sites in our commonwealth," Shapiro said. The governor said the investment is expected to create at least 1,250 jobs and thousands of local construction jobs. Pennsylvania U.S. Senator Dave McCormick applauded the announcement and said it builds momentum ahead of his upcoming Pennsylvania Energy and Innovation Summit in Pittsburgh next month. "Pennsylvania is blessed; we have amazing assets. We have the second-largest energy capability in the country, the fourth-largest natural gas reserves in the world. We have the absolute best skilled workforce, hardest-working workforce," said McCormick. Carnegie Mellon University President Farnam Jahanian released a statement about the Amazon investment announcement, saying, "This historic investment by AWS – and the research and innovation network it envisions – will deliver unprecedented computing power and strengthen Pennsylvania's position as the nation's premier AI and energy hub. It will also create jobs in skilled trades, hasten the speed of innovation and supercharge startup growth. Carnegie Mellon University, working with research universities across Pennsylvania, is ready to help lead planning efforts for this research network, and we congratulate Governor Josh Shapiro, AWS and stakeholders across the Commonwealth on this extraordinary partnership."
Bloomberg
2 hours ago
- Bloomberg
US and China Focus Trade Talks on Rare Earth Materials
Trade talks between the US and China will continue into a second day, according to a US official, as the two sides look to ease tensions over shipments of technology and rare earth elements. Representatives for both nations ended their first day of negotiations in London after more than six hours at Lancaster House, a 19th century mansion near Buckingham Palace. Gracelin Baskaran, Director of the Critical Minerals Security Program at the Center for Strategic and International Studies, discusses the importance of rare earth materials to American defense and economic initiatives. Dr. Baskaran speaks with Carol Massar and Tim Stenovec on Bloomberg Businessweek Daily. (Source: Bloomberg)
