Steak restaurant business Hawksmoor in early stages of being put up for sale

Steak restaurant business Hawksmoor is in the early stages of being put up for sale, according to City sources. 

Private equity owner Graphite Capital has appointed investment bank Stephens to launch the process in 2023, a source said. 

Hawksmoor shelved plans for a flotation last year. It had been working with Berenberg Bank. 

The first Hawksmoor was opened in 2006 in London by founders Will Beckett and Huw Gott, who are minority shareholders. 

Graphite paid between £35m and £40m in 2013 for a controlling stake in the chain, which has seven restaurants in London as well as New York and Edinburgh branches. 

City sources questioned the timing. 

Profits at many restaurant businesses are being hit by consumer spending cuts. 

D&D London, which owns Quaglino, axed a sale process this year after failing to find a buyer. 

Hawksmoor declined to comment.