Piper invests £10m in Flat Iron

Following the investment, Flat Iron will open two new sites in the King's Cross and Ladbroke Grove areas of London.

The business will continue to be led by founder and managing director Charlie Carroll, who will retain a majority stake on completion of the deal.

Piper has a track record of investing in the UK casual dining sector. In June 2013, the GP invested £6m to acquire a significant minority stake in Caribbean restaurant group Turtle Bay, while in December 2016, it sold its stake in café bar and restaurant group Loungers to Lion Capital.

The GP is currently investing from its sixth fund, which has a target of £125m and held its first close in July 2016 on £99m, according to unquote" data.

Company
Founded in 2012, Flat Iron is a casual dining steakhouse chain. The business, which currently operates from four central London locations, generated revenues of £8m in 2016, according to a statement.

People
Flat Iron – Charlie Carroll (managing director).

Advisers
Vendor – GCA Altium, Sam Fuller, Katherine Hobbs (corporate finance).

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• Topics
• Expansion
• UK / Ireland
• Consumer
• United Kingdom
• Piper Private Equity