In its latest accounts for the year ended 27 August 2023, the group saw sales rise to £35.9m, up £12.4m (52.9%) on the previous year.
Adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) was £3.8m (2022: £3.5m).
According to the group, a significant proportion of growth was driven by existing restaurants and supported by three successful new openings during the financial year in Westfield London, Kensington and the first restaurant out of London in Cambridge, all three of which have traded ‘well ahead’ of expectations.
Since the year end, a further restaurant was opened in Leeds, which is also trading ‘very strongly’ and takes the total estate to 14.
In December, the brand achieved a landmark £1m in weekly sales.
“Flat Iron made excellent progress in 2023,” says Tom Byng, Flat Iron chief executive.
“The key to our success has been a relentless focus on executing our proposition of ‘remarkable steak for all’, with its combination of great quality food, service and value, delivered by our amazing restaurant teams.”
Looking to the year ahead, Flat Iron, which was named Best Restaurant Group (under 20 sites) at Restaurant’s recent R200 Awards, confirmed it would be adding two further sites to its London estate in Hammersmith and Victoria.
It will also make its debut Manchester having secured a site on Deansgate that was formerly occupied by the Blacks outdoor supplies shop last year.
The group adds that further sites are under consideration for 2024 and 2025.
“We’re committed to measured growth in the coming years and feel there’s plenty of opportunity for new Flat Iron restaurants in both London and beyond,” Byng continues.
“Despite the well-known challenges facing the wider sector, we’re optimistic and excited about the future.”
Flat Iron was founded by Charlie Carroll in 2012 as a pop up above a London pub and opened a permanent site later that year in Beak Street in Soho.