A popular North East restaurant group says it is in talks with investors to help it drive major expansion across the UK.
Howard Eggleston opened the first Tomahawk Steakhouse in Potto, North Yorkshire, in 2017, quickly drawing regular crowds with its Tomahawk steaks, Himalayan salt dry-aged beef and Yorkshire wagyu.
Its success led to more openings across the region – including eateries in Yarm, Newcastle, Hustwaite and Ponteland – and Mr Eggleston and his team have since expanded outside its heartland North, while seeking out locations for further Tomahawk restaurants around the UK.
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Now the company, which operates the Tomahawk Steakhouse, Rio Brazilian Steakhouse and Pollo by Tomahawk restaurants, says it is in talks with private equity firms, which could help it take its portfolio over 50 sites.
News of the finance discussions has come as Mr Eggleston prepares to open eight new sites by the end of July, taking the company’s estate to 22 restaurants.
The Tomahawk Steakhouse Group’s latest acquisition is in Chester and it will open other sites in Saltburn, Morpeth, Harrogate, Didsbury, Sunderland and Durham.
The group said it has been courted by a number of private equity firms and that it is also looking to acquire any smaller steakhouse groups that are coming to market.
Mr Eggleston said: “We are in early stage talks with two investment firms, who both see the potential of the business. When it comes to expansion, we are quite opportunistic and have been looking to pick up distressed businesses.
“We have got good momentum behind us since the turn of the year, and apart from our site in London, we are ahead of expectations. Our site in London has picked up over the last week, but there is a long for it to go to get back to the levels it was seeing last autumn.
“2022 has opened out to be a really exciting time for the expansion of the Tomahawk group and we have been inundated with potential sites all over the UK.
“We are busy daily touring the country meeting with landlords and agents, securing sites but that doesn’t mean we are anywhere near capacity.”
