Hawksmoor, a renowned London-based steakhouse chain, has experienced notable financial growth, hinting at a possible £100m valuation.
- In 2023, Hawksmoor’s turnover increased to £89.7m, significantly up from £73.9m in 2022, as recorded in new accounts.
- The company’s pre-tax profit also saw a remarkable rise from £282,000 to £1.49m during the same period.
- The expansion has not been limited to financial growth; Hawksmoor has expanded its presence with new venues in the UK and internationally.
- Graphite Capital is seeking to sell its stake in Hawksmoor, following its ownership since 2013.
Hawksmoor, headquartered in London, has reported impressive financial growth during its latest fiscal year, positioning itself for a potential £100m valuation. The steakhouse chain’s turnover reached £89.7m in 2023, marking a significant increase from the previous year’s £73.9m, as per the new filings with Companies House. This upturn in performance has attracted attention, particularly as the private equity firm Graphite Capital, the majority owner since 2013, has placed Hawksmoor on the market for potential buyers.
In addition to the turnover increase, Hawksmoor’s pre-tax profits witnessed a substantial upsurge, climbing from £282,000 to £1.49m. This financial success is attributed to both enhanced like-for-like sales and strategic expansion efforts. The company’s growth was bolstered by the opening of new restaurants, such as the Liverpool venue in November 2022 and another in Dublin by May 2023.
Beyond its London base of seven venues, Hawksmoor has expanded its footprint with establishments in Edinburgh, Liverpool, and Manchester. Internationally, the brand has ventured into markets in Dublin, New York, and Chicago. In 2023, the workforce expanded from 921 to 1,173 employees, reflecting the company’s broader operational scale.
The board has issued a confident statement highlighting Hawksmoor’s standing as an industry-leader, boasting highly profitable sites and a strong reputation among customers and staff. They emphasised the chain’s robust cash position and access to additional debt facilities, underscoring a solid financial foundation that supports future growth ambitions.
Graphite Capital’s decision to sell its stake comes amid Hawksmoor’s laudable performance. Holding 51% since its acquisition, Graphite is exploring the market for potential buyers, while co-founders Will Beckett and Huw Gott maintain their minority stakes. Beckett, in discussions with City AM, noted that the search for new ownership is ongoing but has yet to be finalised.
Hawksmoor’s notable financial achievements and strategic expansions position it strongly for new ownership and future growth.
