- Founded in 2012, Flat Iron has built a loyal customer base and a strong reputation for its high-quality, affordable steak offering;
- The business currently operates 18 sites across London, Manchester, Leeds and Cambridge;
- Backed by McWin and TriSpan, Flat Iron plans to continue its successful store roll-out;
- Both McWin and Trispan also support other OakNorth clients in the sector, including Mowgli and Sticks’n’Sushi.
London, Thursday 4th September 2025: OakNorth, the leading digital bank for entrepreneurs, by entrepreneurs, has provided a senior debt facility to support the future expansion of steak restaurant concept Flat Iron, backed by funds from private equity firms McWin Capital Partners and TriSpan.
Founded in 2012, Flat Iron has built a loyal customer base and a strong reputation for its high-quality, affordable steak offering, centred around the signature Featherblade cut, alongside exceptional service. The business currently operates 18 sites across London, Manchester, Leeds, and Cambridge, and is now gearing up for its next phase of expansion across the UK.
Flat Iron is led by CEO Tom Byng, an experienced hospitality executive who joined as Non-Executive Director in 2017 and took over as CEO in 2021. Under his leadership and supported by Simon Boston (COO/CFO), the business has expanded its footprint, maintained site-level profitability across all locations, and professionalised its operations.
Stuart Blair, Debt Finance Director at OakNorth, commented: “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.”
Tom Byng, CEO of Flat Iron, added: “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.”
ENDS
Notes to editors
About OakNorth
Launched in September 2015 and founded by entrepreneurs, OakNorth is a digital bank focused on serving and empowering the lower mid-market (businesses with £1m-£100m in turnover), that are seeking to scale but are routinely underserved or overlooked by traditional banks.
To date, it has provided $18bn to these businesses across a wide range of sectors, achieving performance metrics that place it amongst the top 1% of commercial banks globally. Its loans have directly contributed to the creation of 58,000 jobs, and over 36,000 new homes across the UK and the US – the majority of which are affordable and social housing.
It is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
Visit www.oaknorth.co.uk for more information.
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