Hawksmoor has been put up for sale in a deal that could value the business at about £100m, according to the Financial Times.

As the steak restaurant group looks to grow its international footprint, investment bank Stephens, which has been hired to run a sales process, has started speaking to potential buyers, the publication said. 

London-based private equity firm Graphite Capital invested £35m for a minority stake in Hawksmoor in 2013, and has owned 51% of Hawksmoor since then. Hawksmoor chief executive and co-founder Will Beckett and co-founder Huw Gott, who own a minority stake, are said to retain their shareholding to continue to lead the company.

Beckett said in a statement, regarding a potential sale, “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.”

Hawksmoor opened the doors to its second US restaurant in Chicago last month. The new location is a key step in the group’s international development plan of opening “world-class restaurants in world-class cities”, currently focused on North America.

It follows Hawksmoor’s debut US site, which opened in New York City’s Flatiron district in 2021, and the launch of another international site in Dublin in 2023. The group remains on target to clear £100m in sales this year, alongside consistent like-for-like growth.

The group made £90m in total sales in 2023, with its New York restaurant contributing £12.5m and the rest coming from its 11-strong estate in the UK and Ireland.

Yearly turnover rose 20% compared to 2022, with the Dublin restaurant hitting weekly sales highs in excess of €230,000 (£196,211).

Last year, Hawksmoor told MCA that it was actively looking at the US for further expansion opportunities, but was not willing to lose momentum in the UK. Following Dublin, other European cities will likely follow some years down the line.

Beckett has said the group has capacity to open two restaurants per year, albeit the strategy is still opportunity- rather than numbers-led.