High-end steakhouse chain Hawksmoor seeks buyer for expansion
- Investment bank Stephens is facilitating the sale of Hawksmoor for over £100 million.
- The restaurant business aims to expand internationally and is looking for potential buyers.
- Hawksmoor, a British steakhouse and cocktail bar chain, is up for grabs in a significant deal.
In a bid to expand its business empire, the high-end steakhouse chain Hawksmoor, founded by Will Beckett and Huw Gott in 2006, has been put up for sale with a potential valuation of around £100m. Despite the challenges faced by the hospitality industry during the pandemic, Hawksmoor has continued to thrive, receiving praise for its revival of the steakhouse concept in Britain and successful expansion into the United States with recent openings in New York and Chicago. The company's founders are expected to retain their stakes in the company post-sale, aiming to further grow the brand internationally. While the pandemic saw a surge in veganism, some formerly vegan-only restaurants have struggled to maintain momentum, resorting to introducing meat into their menus to attract customers. In contrast, Hawksmoor has consistently impressed both customers and critics with its delicious beef offerings, earning accolades such as 'the best steak in London' and being described as 'elegant' and 'exemplary' in New York. The decision to explore a sale comes after Hawksmoor postponed plans for a stock market flotation in 2021 due to industry uncertainties caused by Covid lockdowns. The sale process, managed by investment bank Stephens, aims to identify potential suitors for Hawksmoor as it seeks to expand its overseas presence beyond its current 13 locations, including sites in Dublin and New York. The move follows a trend of high-profile restaurant chain sales in the past year, with Graphite Capital, which currently owns a 51% stake in Hawksmoor, expressing interest in exploring opportunities with the US investment community. The company's recent financial performance, with revenues reaching £90m in the last fiscal year, reflects its growth trajectory and market appeal. As the hospitality industry navigates post-pandemic challenges, Hawksmoor's decision to pursue a sale underscores its commitment to strategic growth and international expansion. With a strong reputation for quality and innovation in the steakhouse sector, the company's founders are poised to leverage the sale to propel Hawksmoor to new heights, building on its success in both the UK and the US markets.