According to Bloomberg, Lemon Pepper Holdings – the master franchisee for the chicken wing chain in the UK and Ireland – has sold the business for over £400m.
Lemon Pepper Holdings co-founders Tom Grogan, Herman Sahota and Saul Lewin will remain minority shareholders.
The announcement follows a sale process initiated this summer that saw multiple bidders expressing interest in the QSR chain, including London-listed Domino’s Pizza Group and investment firms KKR, Bain Capital, L Catterton, and TSG Consumer Partners.
Lemon Pepper Holdings was founded in 2018 and currently operates 57 Wingstop sites across the UK, with the goal of reaching 200 locations within the next five years.
In its most recent financial year, Wingstop UK reported a a pre-tax profit of £3.5m up from a £2m loss the year before.
The group saw revenue increase 122% to £84.7m in the year to 31 March 2024, up from £38.2m in 2023.
In June, the group was named as the fastest growing restaurant group in the UK by The Sunday Times 100 for the second year in a row.
