Lemon Pepper Holdings, the master franchisee for Wingstop in the UK and Ireland, announces investment from Sixth Street to support future growth

Sunday 22nd December 2024: Lemon Pepper Holdings (“Wingstop UK” or the “Company”), the master franchisee for Wingstop in the UK & Ireland, today announces that Sixth Street, a leading global investment firm, has signed a definitive agreement to support Wingstop UK’s continued growth and become the Company’s majority shareholder.

Founded in 2018, Wingstop UK set out to localise the iconic, global brand by embedding itself in youth culture in an organic way. Through authentic brand collaborations, partnerships and events, Wingstop UK has cultivated a deep connection with British music, fashion, and sport.

Serving outstanding cooked-to-order products with bold signature flavours, exceptional service and operational excellence, Wingstop UK has built a loyal customer base. The Company has industry leading Net Promoter Scores and an aspirational and unique position in the UK fast casual restaurant sector.

Since opening its first site in 2018, Wingstop UK has created over 2,500 jobs and become the UK’s fastest growing restaurant brand. By the end of the year, Wingstop UK will operate 57 sites across the UK, with ambitions to reach 200 locations within the next five years. Revenue by the end of the year is expected to be in excess of £150 million.

Chris Sherriff, CEO 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. I want to say a huge thank you to our co-founders, whose leadership and vision have been instrumental in building Wingstop UK into one of the most dynamic brands, and to all our teams across the UK who are the drivers of our success, providing our loyal customers with industry-leading service and amazing flavour. The partnership with Sixth Street represents an excellent strategic and cultural fit for Wingstop UK. Together we are excited by the expansion opportunities ahead while retaining our unwavering focus on youth culture and the communities we serve.”

Kayvan Heravi, Co-Head of Consumer at Sixth Street: “We are incredibly excited to partner with Chris, Paddy and the rest of the team to continue to grow the Wingstop brand in the UK and Ireland, and to deepen our partnership with Wingstop Inc. globally. As existing investors in Wingstop Inc. in the United States through our investment in Far West Services, we have seen first-hand the power of the Wingstop brand with its unique value proposition that has continued to grow and resonate over the past 20+ years. We believe that the opportunity for the brand globally, and in the UK and Ireland specifically, is only just beginning.”

Goldman Sachs International acted as sole financial advisor to Wingstop UK alongside DLA Piper, KPMG, Jamieson, OC&C and HNH.

Sixth Street was advised by North Point, Lazard & Co., Cleary Gottlieb Steen & Hamilton LLP, and PwC.

About Wingstop UK:

Lemon Pepper Holdings, the master franchisee of Wingstop in the UK, successfully launched the Wingstop brand in the UK market in 2018.

Wingstop UK specialises in serving amazing flavour, with ten unique flavours across its range of fried chicken. With stores ranging from Soho to Cardiff and Glasgow to Southampton, Wingstop UK will operate 57 sites around the United Kingdom by the end of the year.

In 2024, the Company has been recognised by both The Financial Times and The Sunday Times. In June, it was ranked as the 38th fastest growing private business in the country, and the fastest growing restaurant group by the prestigious Sunday Times 100. In May, it was listed in the Big Organisation category of The Sunday Times’ Best Places to Work Awards. In March, the brand was listed in the Financial Times’ FT 1000, the paper’s annual ranking of Europe’s fastest-growing companies.

About Sixth Street:

Sixth Street is a global investment firm with over $80 billion in assets under management and committed capital. The firm uses its long-term flexible capital, data-enabled capabilities, and One Team culture to develop themes and offer solutions to companies across all stages of growth. Within Sixth Street, our dedicated consumer investing team provides strategic capital solutions to companies operating in a range of subsectors and business models. In addition to Wingstop, Sixth Street has partnered with many other world-class, global brands including Airbnb, Spotify, the San Antonio Spurs, FC Barcelona, Real Madrid, Legends Hospitality, Bay FC, Mindbody, Chobani, Milan Laser, and Equinox. Founded in 2009, Sixth Street has more than 650 team members including over 250 investment professionals around the world. For more information, visit https://sixthstreet.com or follow Sixth Street on LinkedIn.