Flat Iron has secured a senior debt facility from OakNorth Bank to fuel its upcoming expansion plans.
The steakhouse chain is set for growth following its recent acquisition by investment firms McWin and TriSpan.
Founded in 2012 by Charlie Carroll, Flat Iron has expanded to 18 restaurants across London, Manchester, Leeds, and Cambridge. Once known for offering its signature steaks at £10, the chain now prices them at £15. The business has been led by chief executive Tom Byng since 2021.
McWin is also an investor in restaurants such as Gail’s, Sticks’n’Sushi, and the Big Mamma Group.
TriSpan has backed Flat Iron through its Rising Stars Programme, which has also supported brands including 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 transaction marked the exit of private equity firm Piper, which had invested £10m in Flat Iron in 2017.