The UK franchise of Wingstop has been acquired by US investment firm Sixth Street, aiming to drive further expansion of the brand.
Lemon Pepper Holdings, the master franchisee for Wingstop in the UK and Ireland, has reportedly sold the business for over £400 million, exceeding earlier estimates.
Wingstop debuted in the UK with its first London location in 2018 and has since expanded to 57 sites, creating over 2,500 jobs. This growth aligns with a surge in the popularity of fried chicken, as other U.S. chains, including Popeyes and Dave’s Hot Chicken, also plan significant UK expansions.
Wingstop aims to expand its UK presence to 200 restaurants within the next five years, with revenue projected to exceed £150 million by the end of this year. The chain reported a significant financial turnaround, achieving pre-tax profits of £3.5 million for the year ending March 2024, compared to a £2 million loss in the prior year.
Chris Sherriff, chief executive at Wingstop UK: “This is a major step in our journey as we build the pre-eminent fast casual restaurant brand in the UK and Ireland. 2025 is shaping up to be another landmark year and our focus remains on growing sustainably with the agility to seize the right opportunities as they arise.”
Sixth Street, which now owns the UK Wingstop franchise, also holds the Wingstop franchise Far West Services in the US. The investment firm has an extensive portfolio, having backed prominent brands like Airbnb, Spotify, and football club Real Madrid.
Kayvan Heravi, co-head of consumer at Sixth Street: “We believe that the opportunity for the brand globally, and in the UK and Ireland specifically, is only just beginning.”
According to the Sunday Times, the founders of Lemon Pepper Holdings—Tom Grogan, Herman Sahota, and Saul Lewin—will retain a minority stake in the business following the sale to Sixth Street.
Founded in Dallas, Texas, in 1994, Wingstop has grown into a global brand, operating and franchising over 1,500 locations worldwide.
Goldman Sachs International served as the sole financial advisor to Wingstop UK, with additional support from DLA Piper, KPMG, Jamieson, OC&C, and HNH.
Sixth Street was advised by North Point, Lazard & Co., Cleary Gottlieb Steen & Hamilton LLP, and PwC.