Flat Iron steaks expansion with OakNorth support

A restaurant group is set to expand its operations across the country.

Flat Iron, the popular steakhouse concept founded in 2012, has secured a senior debt facility from OakNorth to support its growth plans. 

The chain currently operates 18 restaurants in London, Manchester, Leeds and Cambridge, earning a loyal following for its high-quality, affordable steak menu, centred on the signature Featherblade cut.

Backed by funds from private equity firms McWin Capital Partners and TriSpan, who also support popular chains such as Mowgli and Sticks’n’Sushi, bosses say the funding will enable the business to continue rolling out new sites across the country.

Tom Byng, chief executive of Flat Iron, said: “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.”

Stuart Blair, debt finance director at OakNorth, added: “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.”

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