A backer of Gail’s bakeries is in advanced talks to acquire Flat Iron, one of Britain’s fastest-growing steak restaurant chains.

Sky News has learnt that McWin Capital Partners, which specialises in investments across the “food ecosystem”, has teamed up with TriSpan, another private equity investor, to buy a large stake in Flat Iron.

Restaurant industry sources said McWin would probably take the largest economic interest in Flat Iron if the deal completes.

They added that the two buyers were in exclusive discussions, with a deal possible in approximately a month’s time.

The valuation attached to Flat Iron was unclear on Sunday.

Flat Iron launched in 2012 in London’s Shoreditch and now has roughly 20 sites open.

The chain is solidly profitable, with its latest accounts showing underlying profits of £5.7m in the year to the end of August.

It already has private equity backing in the form of Piper, a leading investor in consumer brands, which injected £10m into the business in 2017.

Flat Iron was founded by Charlie Carroll, who retains an interest in it, but the company is now run by former Byron restaurant boss Tom Byng.

Houlihan Lokey, the investment bank, has been advising Flat Iron on the process.

McWin has reportedly been in talks to take full control of Gail’s while TriSpan’s portfolio has included restaurant operators such as the Vietnamese chain Pho and Rosa’s, a Thai food chain.

A spokesman for McWin declined to comment.

In Minneapolis, the spot where George Floyd was murdered has been turned into a mural.

His face is depicted in street art on a pavement covered in flowers, rosaries, and other trinkets left by people who have come to pay their respects in the last five years.

His final moments, struggling for breath with white police officer Derek Chauvin’s knee on his neck, were captured in a viral video that provoked anger, upset, and outrage.

In Minneapolis and other parts of America, there were protests that at points boiled over into unrest.

The events to mark the fifth anniversary of his death took on a very different tone – one of celebration and joy.

Behind a wooden statue of a clenched fist on one end of a junction now renamed George Perry Floyd Square, people gathered in the morning.

There was a moment of prayer before a brass band began to play and the group marched, while singing and chanting.

‘It made us want to fight harder’

Among those gathered in front of a makeshift stage built in the square were two of Floyd’s family members – his cousin Paris and aunt Mahalia.

To them, the man whose death sparked a racial reckoning in America and further afield, was simply “Perry,” a larger-than-life figure whose presence is missed at family gatherings.

Speaking to me while the speakers behind them thumped and people danced, they didn’t just reflect with sadness though.

There was also pride at a legacy they felt has led to change.

“It made us want to fight harder,” said Mahalia, “and it’s a feeling you cannot explain. When the whole world just stood up.”

Referring to Chauvin’s eventual murder charge, Paris added: “I think that from here on out, at least officers know that you’re not going to slide through the cracks. Our voices are heard more.”

The tapestry of items outside the Cup Foods convenience store, now renamed Unity Foods, is not the only makeshift memorial in the area.

A short walk away is the “Say Their Names” cemetery, an art installation honouring black people killed by the police.

Meeting me there later in the day, activist Nikema Levy says the installation and George Floyd Square are called “sacred spaces” in the community.

As someone who took to the streets at the time of Floyd’s death and a community organiser for years before that, she’s constantly stopped by people who want to speak to her.

‘White supremacy on steroids’

Once we do manage to speak, Levy reminds me of a wider political picture. One that goes beyond Minneapolis and is a fraught one.

In the week of the anniversary, the US Department of Justice rolled back investigations into some of the largest police forces in the country, including in Minneapolis – a move she calls “diabolical.”

“That type of cruelty is what we have seen since Donald Trump took office on January 20th of this year,” she continued.

“From my perspective, that is white supremacy on steroids. And it should come as no surprise that he would take these types of steps, because these are the things that he talked about on the campaign trail.”

Read more from Sky News:
US-EU trade war fears reignite
Arsenal secure historic Champions League crown
Scientists are on the hunt for dolphin poo

‘True healing has never taken place’

Trump has argued his policing reforms will help make America’s communities safer.

Even on a day of optimism, with a community coming together, Levy’s words in front of headstones bearing the names of black people who have died at the hands of the police are a reminder of how deep the racial divides in America still are – a sentiment she leaves me with.

“From the days of slavery and Jim Crow in this country, we’ve just had the perception of healing, but true healing has never taken place,” she says.

“So the aftermath of George Floyd is yet another example of what we already know.”