Back in 2012, if you queued on Redchurch Street, you might have found yourself climbing the stairs of the Owl & Pussycat pub, guided by a glowing neon sign declaring, ‘Steak is what you want.’ Inside, floating tea lights in hanging jam jars set a cosy glow. A wall poster proudly promised ‘New Craft Butchery. Remarkable Steak.’ Friendly servers seated you on long tables, offering complimentary popcorn and a menu with just one thing: a Flat Iron steak, £10.
It was a bold, pared-back concept from Charlie Carroll, supported by Ben Chapman (founder of Brat, Smoking Goat, Kiln, and Mountain). Charlie saw a gap in the market: at one end, high-end steakhouses with eye-watering prices; at the other, poor-quality mass-market chains. Flat Iron’s mission was clear – strip away the fuss and the frills and serve exceptional steak at an accessible price.
Having met Charlie when he was still brainstorming the concept, we were there from the start. From the pop-up to watching Charlie open his first permanent restaurant on Beak Street, followed by Denmark Street, Curtain Road, and the impressive Henrietta Street. Each new site topped the last, with queues curling through London’s streets.
In March 2017, we were lucky enough to partner with Charlie and his team. Since then, Flat Iron has grown to 15 restaurants in London, as well as Manchester, Leeds, and Cambridge, with sales increasing 6.6x and EBITDA 5.9x across the period. Despite its modest footprint, half of Londoners know the brand, a testament to its strength and loyal following.
Today, we’re delighted to announce a new chapter. McWin Capital Partners and TriSpan, two global hospitality-focused private equity houses, have partnered with Flat Iron. Under the impressive leadership of CEO Tom Byng, the brand is poised for its next phase of growth.
Saying goodbye isn’t easy, but we’re proud of what Flat Iron has become. It’s on its way to becoming an iconic household brand legend. For us, true success means helping build brands that will thrive decades from now. Flat Iron’s unwavering focus on quality, service, and fair pricing gives us every confidence it will be one of them.
The magic of Flat Iron lies in its strong guiding mission and obsessive attention to detail. The core proposition – one hero product done exceptionally well – hasn’t wavered. As a result, any mention of coffee or sit-down pudding has been drowned out.
Even as specials have been introduced, 70% of sales still come from the Flat Iron steak. Every detail matters, from the beef itself (always well-marbled heifers and steers under 30 months) to the rare title of Head of Beef, held by Fred Smith, who oversees sourcing, hand-checking at abattoirs, and rigorous quality control. Nobody knows more about beef than him.
Alongside this obsession with the product is a relatable brand personality. The famous mini meat cleaver, swapped for a free ice cream on your way out, has inspired fan art and a devoted following. It is the best piece of brand-building in the sector (just read the online reviews), while helping to drive a profitable high table-turn business model. The award-winning, timeless, and welcoming interiors make the experience feel elevated, even as service remains quick.
In a challenging market, Flat Iron stands out. Double-digit like-for-likes, a guest NPS of 78 and a 50% repeat visits rate (six in ten diners aged 25–34 have visited more than six times). Guest behaviour is more akin to a QSR brand than a full-service restaurant. This is why we believe it will succeed not only in the UK, but internationally.
Charlie always said the 20th restaurant should be better than the first. We’ve seen the 18th, and we can certainly attest to this. Flat Iron continues to serve remarkable steak to everyone, always with the warmth of an old friend. We feel privileged to remain one.