Flat Iron's steak restaurants see pre-tax profits almost double

Flat Iron steak restaurants saw pre-tax profits almost double in the year to 27 August 2017 as it proved resilient to pressures impacting the sector.

The five-site strong group saw pre-tax profits grow to £456,110, compared to £233,448 the previous year.

Turnover had increased by 55.1% to £11.7m while EBITDA reached £1.4m, up from £859,045 the previous year.

Within its financial report, filed with Companies House, Flat Iron said: "Despite the UK restaurant market having become more competitive over recent years with operators experiencing cost pressures from National Living Wage increases, rising property costs combined with consumers real incomes being squeezed by rising inflation, the company continued to generate cash from operating activities and is positive about delivering another year of increased sales and profitability."

Private equity firm Piper took a £10m stake Flat Iron in march 2017.

Flat Iron was founded in 2012 as a pop-up above a London pub by Charlie Carroll and opened its first permanent site later that year in Beak Street in Soho.

Private equity firm Piper takes £10m stake in Flat Iron>>

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