A former operations adviser to Mexican restaurant chain Wahaca has raised £10 million of funding to expand his affordable steak restaurant concept.
Founder Charlie Carroll raised the money from private equity firm Piper, which has taken a significant minority stake in the partnership, a Sunday Times report said.
Carroll opened his first Flat Iron restaurant five years ago and now has four sites spread across London. He reportedly wants to open two more restaurants this year but warned about growing too fast.
Carroll was quoted by the newspaper as saying: “The plan is for controlled growth. There is a real risk of trying to grow too quickly. I want to make sure we get better as we get bigger, not worse.”
The original concept aimed to bring affordable steak to customers using cheaper cuts of meat. The brand now retails steak for £10.
Flat Iron now employs more than 200 people and enjoys pre-tax profits of £1 million on revenues of £8 million, according to the report.
Image: Flat Iron Facebook