OakNorth Bank has announced the provision of a senior debt facility to facilitate the growth of Flat Iron, a UK-based steak restaurant chain.
The restaurant chain is backed by private equity companies McWin Capital Partners and TriSpan.
OakNorth debt finance director Stuart Blair stated: “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.
“The business has proven resilient in a challenging market and continues to win with customers through quality, value and operational excellence, delivering consistent like-for-like growth and sector-leading operating margins.
“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.”
Established in 2012, Flat Iron is recognised for its steak offerings, particularly the feather blade cut.
The chain operates 18 locations in cities including London, Manchester, Leeds and Cambridge, and plans further expansion across the UK.
It is led by Tom Byng, who has been with Flat Iron since 2017 as a non-executive director and became CEO in 2021.
Under his guidance and that of chief operations officer and chief financial officer Simon Boston, Flat Iron has expanded its operations while maintaining profitability at each site and improving its operational framework.
Byng staed: “We’re incredibly proud of what the Flat Iron team has built over the last decade, and we’re thrilled to have the backing of McWin, TriSpan and OakNorth as we look to take the brand to the next level.
“OakNorth has been a flexible and thoughtful partner throughout this process, and their support gives us the confidence and capital to continue delivering remarkable steak to more guests across the UK.”
McWin and TriSpan are also involved with other clients of OakNorth in the hospitality sector, such as Mowgli and Sticks’n’Sushi.
