Private equity group Piper PE LLP’s £10m investment in steak restaurant group Flat Iron

Steak restaurant group Flat Iron has received a £10m investment from private equity group Piper PE LLP to finance its expansion in the UK.

The company, which offers its signature flat iron steak for just £10, will use the funding to continue to build its team and open additional sites.

Flat Iron founder Charlie Carroll will remain as managing director and retain a controlling stake in the business.

It is the latest investment for Piper, which also backs Be At One, Turtle Bay and Hickory’s. Global investment bank GCA Altium advised on the deal.

Carroll said Piper shared his vision to build restaurants that focused on being ‘better and different at every stage of the guest experience’.

Flat Iron launched in 2012 as a pop-up above a London pub, and has since grown to four sites in Soho, Covent Garden, Tottenham Court Road and Shoreditch.

Jones Day has advised Flat Iron Steak Limited in connection with a £10m investment by private equity house, Piper PE LLP, with a team led by Giles Elliott.

Involved fees earner: Giles Elliott – Jones Day;

Law Firms: Jones Day;

Clients: Flat Iron Steak Limited;