Flat Iron secures funding to support expansion

Flat Iron has secured a senior debt facility from OakNorth bank to support its future expansion.

The steak restaurant chain is poised for growth after being acquired by investment firms McWin and TriSpan last month.

Flat Iron was founded in 2012 by Charlie Carroll and has grown to 18 restaurants across London, Manchester, Leeds and Cambridge. For a time, it sold its signature steaks for £10, but they are now priced at £15.

The business continues to be led by chief executive Tom Byng, who took on the role in 2021.

McWin also backs restaurants including Gail’s, Sticks’n’Sushi and Big Mamma Group.

TriSpan has made the investment through its Rising Stars Programme, which has also backed restaurant brands Pho, Mowgli and Rosa’s Thai.

Stuart Blair, debt finance director at OakNorth, said: “Flat Iron is one of the UK’s most impressive growth stories – a brand with a clear identity, disciplined operating model, and an exceptional track record of site-level profitability.

“We’re excited to support McWin and TriSpan in this next chapter of growth, building on our strong relationship with both sponsors, who have also backed some of our other customers in this space, including Mowgli and Sticks’n’Sushi.”

The deal saw Piper, the private equity firm which took a £10m stake in Flat Iron in 2017, exit the business.