Three British entrepreneurs who ventured into the fried chicken business without prior restaurant experience are poised to secure a remarkable payday following the sale of their enterprise to American private equity firm Sixth Street for more than £400 million.
Tom Grogan, Herman Sahota, both 34, and Saul Lewin, 47, transformed the UK arm of Wingstop from a single London outlet into a thriving chain of 57 restaurants since its 2018 launch. The trio’s success story began at Cambridge Circus, where they opened their first establishment despite having no background in restaurant management.
The acquisition highlights the burgeoning appetite for premium fast-casual dining in the British market. Under the terms of the deal, Sixth Street will acquire a majority stake in Lemon Pepper Holdings, the operating company behind Wingstop’s UK and Ireland franchise operations. The three co-founders, who collectively held a 28.5 per cent stake, will retain minority ownership.
The brand’s meteoric rise has been fuelled by clever marketing strategies targeting youth culture, including endorsements from prominent British musicians Stormzy and AJ Tracey. The chain’s savvy use of social media platforms, particularly TikTok, has resonated strongly with its Gen Z customer base.
With projected revenues exceeding £150 million for 2024, Wingstop UK has outlined ambitious expansion plans, targeting 200 locations across Britain within the next five years. The deal represents one of the largest acquisitions in the UK’s fast-casual dining sector, underlining the growing interest from international investors in British hospitality brands.
Chris Sherriff, chief executive at Wingstop UK, emphasised the strategic alignment between the two organisations, stating the acquisition “represents an excellent strategic and cultural fit for Wingstop UK.” The transaction marks the latest in a series of significant private equity investments in British restaurant chains, following TDR Capital’s acquisition of Popeyes UK and Apollo Global Management’s £506 million purchase of The Restaurant Group.
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