Exclusive – Hawksmoor kicks off process exploring future funding options: Steakhouse concept Hawksmoor is understood to have officially kicked off a process to explore its future funding options, which could involve a sale of the award-winning, 13-strong business. The company, which was founded by Huw Gott and Will Beckett in London in 2006, is working with US-based advisory firm Stephens on its options. Propel understands that an information memorandum has begun to be circulated to interested parties both here and in the US, where the company, which has been backed by Graphite Capital since 2013, is currently focusing its expansion plans. A valuation figure for Hawksmoor has been mooted as being £100m-plus. Hawksmoor had previously been linked with advisory firm Stephens in regard to assessing the US investment market. Beckett, chief executive of Hawksmoor, declined to comment on the specifics of any process but told Propel: “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, which opened its debut site in the US, in New York in September 2021, opened a second site Stateside last week in Chicago. The company said that the opening is a key step in building its international presence, as it aims to open “world-class restaurants in world-class cities” with the focus currently on North America. The 16,500 square-foot, three-storey Chicago restaurant – its biggest and most ambitious yet – is housed in a building at 500 LaSalle Drive, which started life as a cable car powerhouse in 1887. The building, which at one point in the 1990s was home to Chicago Bulls basketball legend Michael Jordan’s eponymous restaurant, features a main dining room that can host up to 125 diners, with a wraparound bar. A second dining room on the first floor comprises space for 76 guests, plus two private dining rooms that can host up to a further 40 guests. When it comes to further expansion opportunities across The Pond, Beckett told Propel in February: “I’m in the US at the moment, and on a little tour of potential spaces. Chicago’s 16,500 square-foot opening looms quite large for us, but after that we’re really excited about a couple of opportunities, but nothing confirmed as yet.” Last November, Beckett told Propel that Hawksmoor was at a stage “capacity, bandwidth and cash wise, where we could do a couple of restaurants a year now”. The business said its full-year sales are on target to clear £100m this year, and that with consistent like-for-like growth, it is “proof that delivering real integrity at scale is not just the right thing to do, but also a strong financial model for restaurants”. Propel understands that the group’s underlying profits are above £10m. Earlier this year, Hawksmoor said 2023 was a stand-out year for the business as it saw turnover increase by more than 20% to a record £90m (2022: £73.9m). In addition to its US sites, the business operates seven restaurants in London, plus sites in Dublin, Edinburgh, Manchester and Liverpool.

Duo behind Four Legs and The Plimsoll open Spanish influenced fish bar in north London: The duo behind the Four Legs at the Compton Arms in Canonbury and The Plimsoll pub in Finsbury Park have opened a Spanish influenced fish bar in north London. Ed McIlroy and Jamie Allan have launched Tollington’s at 172 Tollington Park, celebrating regional Spanish coastline dining. The “relaxed fish bar” has preserved the site’s original name, “paying homage to the iconic neighbourhood fish and chip restaurant but giving it a more European twist”. Inspired by Spanish dining culture, guests are offered a seafood-focused menu including plates of cured, fresh and fried options, with a small selection of larger dishes including some cuts of meat on a regularly changing menu. The drinks menu is simple and concise with everything available by the glass, including beer, wine, port, cider and Spanish vermouth. The space is split in two, with the front bar available for walk-ins and standing guests, while at the back is a seated restaurant space. There is also some outdoor seating.