The high-end steakhouse chain Hawksmoor has gone up for sale for £100million amid waning enthusiasm for veganism.
Hawksmoor, labelled by one reviewer as a ‘mecca for meat lovers’, was founded in Shoreditch, East London, in 2006 but quickly expanded to include 13 branches.
Now investment bank Stephens has reportedly been hired to seek a buyer for the restaurant business so it can fund further expansion.
Founders Will Beckett and Huw Gott, who own a minority stake, are expected to retain their stakes in the company if a sale deal is completed so they can grow their business empire.
The rise in the avowedly-meat-chomping restaurant comes as the vegan trend continues to stall with consumers losing interest in fake meat alternatives amid questions about their health benefits.
The high-end steakhouse chain Hawksmoor has gone up for sale for £100million amid waning enthusiasm for veganism. Pictured: A steak from the restaurant’s New York location
Founders Will Beckett (left) and Huw Gott (right), who own a minority stake, are expected to retain their stakes in the company if a sale deal is completed so they can grow their business empire
Hawksmoor, labelled by one reviewer as a ‘mecca for meat lovers’, was founded in Shoreditch, East London, in 2006 but quickly expanded to include 13 branches. Pictured: The Manchester location
The uptick in veganism seen during the pandemic also failed to maintain momentum as several formerly vegan-only restaurants recently admitted defeat and introduced meat into their menus to attract customers.
But Hawksmoor has been going from strength to strength, with the company getting credit for reviving the steakhouse concept in Britain.
It has even proved a success in the stronghold of steakhouses, the United States, after it opened a New York restaurant in 2021 and a Chicago location last week.
Throughout its business life, Hawksmoor has continually impressed both punters and critics with their delicious beef.
Some reviewers claimed it made the ‘the best steak in London’ after it opened its Covent Garden branch in 2010, while New York viewers labelled it as ‘elegant’ and ‘exemplary.’
It has been controlled by British private equity firm Graphite Capital with a 51 per cent stake since 2013 after it paid £35m to support a management buyout by both founders.
The Big Donald, served on Independence Day at Hawksmoor Spitalfields Bar, London
Hawksmoor has been going from strength to strength, with the company getting credit for reviving the steakhouse concept in Britain. Pictured: A Hawksmoor steak
The Christmas Burger from Hawksmoor in London
An interior view of the Hawksmoor Seven Dials Restaurant in London
However Graphite Capital said it did not comment on ‘market rumour’ and Hawksmoor declined to comment if it was up for sale.
But chief executive Mr Beckett said in a statement: ‘We’ve got a great relationship with Graphite, and together we are getting to know the US investment community in more depth.
‘As that continues, an opportunity may emerge that we wish to explore together.’
The company said last week that sales were expected to top £100mn this year with ‘consistent like-for-like growth’.
One person close to the company told the Financial Times underlying profits for the 12 months to the end of June were above £10m.
Hawksmoor shelved plans for a flotation on the stock market in 2021 due to uncertainty in the hospitality industry caused by Covid lockdowns.
According to the website, co-founders Will Beckett and Huw Gott had a ‘simple three-fold goal: find the best possible beef; master the simple-seeming art of cooking the perfect steak; and create an environment where everyone, guests and staff, could relax and enjoy themselves.’
The company said last week that sales were expected to top £100mn this year with ‘consistent like-for-like growth’. Pictured: Hawksmoor Burns Night cocktails
One person close to the company told the Financial Times underlying profits for the 12 months to the end of June were above £10m. Pictured: Hawksmoor Air Street Bar, London.
After their New York office was opened, co-founder Will said the pandemic brought ‘tears and incredulity’ from the team.
He described how he and childhood friend turned business partner Huw how he hopes the restaurant industry will recover.
He told Eater: ‘Our passion for the industry, our restaurants, and for the cities we operate in is undiminished, but those things have suffered greatly.
‘It can all be built back better, and we want to play a part in that.’
Meanwhile he also explained how the restaurant focuses on on ethical farming, saying: ‘We believe in farming methods that honor natural systems, increase biodiversity, and regenerate the land.’
And speaking to Big Hospitality, he said opening a restaurant in New York was ‘a dream’ and ‘a genuine privilege.’
Meanwhile vegan restaurants such as Nomas Gastrobar in Macclesfield have been forced to start serving meat because it has too few vegan customers.
In January meat alternatives were added to to their mainly vegan menu in a desperate attempt to stay open and pay there bills.
Nomas Gastrobar in Macclesfield was forced to start serving meat because it has too few vegan customers in January
Its owner Adonis Norouznia said at the time some customers refused to pay for full English breakfasts after being surprised the bacon and sausages were plant-based
Its owner Adonis Norouznia said at the time some customers refused to pay for full English breakfasts after being surprised the bacon and sausages were plant-based.
It was forced to add pork sausages, bacon and eggs to the dish, as well as serving pork and chicken gyros and beef burgers.
Bournemouth, Christchurch and Poole Council U-turned on its vegetarian cafe at a eco-education hub and added meat after a customer backlash in August 2023.
And in September 2022 a vegan restaurant in Somerset was slammed for adding meat to its menu, with some customers saying ‘selling meat is worse than closing’.
There was also a spike in vegan restaurant closures last year.
Nick Allen, chief executive of the British Meat Processors Association, told The Telegraph: ‘Nobody in the meat industry is losing sleep about the rise of veganism at the moment.’
He said members were experiencing a ‘resurgence’ in demand for steaks across both restaurants and supermarkets.
