The 22-strong casual dining steak business, backed by McWin Capital Partners and TriSpan, claimed the top spot in AlixPartners’s annual profit growth tracker.
Flat Iron, which was founded by entrepreneur Charlie Carroll and is now led by Tom Byng, recorded an EBITDA compound annual growth rate (CAGR) of 74.4% across its last three sets of annual Companies House accounts.
Kent-based pub and bar operator Elite Pubs, founded in 2004 by Martial Chaussy, ranked second in the tracker with an EBITDA CAGR of 68.2%, followed by Fortress Operations, the McDonald’s franchise business founded by former McDonald’s UK chief operating officer Richard Forte, with a CAGR of 61.4%. The business operates around 30 sites across the Home Counties.
Urban Pubs & Bars, PA Crocker (McDonald’s franchisee), Dishoom, Kefco Sales, Capital Arches (McDonald’s franchisee), Fieldrose (KFC and Costa Coffee franchisee) and K&Z Holdings (Pret A Manger and KFC franchisee) completed the top 10.
“We are proud to see Flat Iron recognised as the leading hospitality business,” says Simon Boston, chief operating officer of Flat Iron.
“This achievement is testament to the hard work and creativity of our teams across the entire business and the continued growth and success of the business as we look to bring ‘remarkable steak to everyone’ in more locations in London and across the UK.”
Speaking on behalf of AlixPartners, director Craig Rachel adds: “The results of this year’s study illustrate that, despite some significant headwinds, there are a group of hospitality businesses delivering spectacular numbers.
“Alongside the on-going outperformance of the sector’s strongest brands, such as Flat Iron and Dishoom, this year’s results also underscore the strength of the big QSR powerhouse brands and the franchise model.”
The Profit Growth Tracker assesses EBITDA growth across the last three sets of eligible annual accounts filed with Companies House, with financial periods beginning after July 2021 to exclude the impact of Covid-19 restrictions.