From Cold Emails to £400M: Is There Another "Wingstop" Opportunity Hiding in the
UK?

by Staff Writer

In 2017, three guys with zero restaurant experience sent a cold email to a Dallas headquarters.
Seven years later, they cashed out in one of the most legendary exits in modern food history.
Wingstop UK—operated by Lemon Pepper Holdings—didn't just sell chicken; they sold a
lifestyle. And in December 2024, they sold the majority of that lifestyle to private equity giant
Sixth Street for a cool £400 million (City AM, 2024).

But the real question for the next generation of entrepreneurs is: Can it be done again?

The Anatomy of a Blockbuster Exit

Wingstop UK’s journey is the ultimate "main character" narrative. Founders Saul Lewin, Tom
Grogan, and Herman Sahota identified a gap: the UK had "chicken shops," but it didn't have a
"Five Guys for wings."

● The Launch: They opened their first site in Cambridge Circus, London, in 2018.

● The Hustle: They didn’t just rely on footfall; they leaned into youth culture. Celebrity
endorsements from rappers like Stormzy and AJ Tracey turned a wing shop into a
cultural hub.

● The Growth: By the time of the exit, they had 57 sites and were the UK's
fastest-growing restaurant chain.

● The Numbers: Revenue jumped from £84.7M in March 2024 to an expected £150M+ by
the end of the year. Operating profit tripled from £4M to nearly £14M in just nine months
(The Caterer, 2025).

"We are not in the wing business. We are in the flavor business." — Wingstop
Mission Statement.

The UK Food Market: Is the "Vibe" Still Profitable?

The UK fast-casual market is currently a "perfect storm." While traditional casual dining (think
mid-market Italian chains) has seen a 26% decline in sites, the Quick Service Restaurant
(QSR) sector saw a 10% increase in 2024 (Elite Franchise, 2025).
The Possibility of a "Next Wingstop":

1. The Rise of "Affordable Indulgence": Even in a recession, Gen-Z will pay £15 for a
   "vibey" meal if it looks good on TikTok. The market is projected to reach £40.5bn by
   2025 (Mintel, 2025).

2. The Digital Dividend: Wingstop generates nearly 70% of orders digitally. The next
   blockbuster won't just be a kitchen; it’ll be a tech company that happens to serve food.

3. The Contenders: Keep an eye on brands like Popeyes (adding 50 sites a year) and
   Dave’s Hot Chicken

   
   
   

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