Flat Iron to put £5m towards expansion

Steak restaurant group Flat Iron is set to put a £5m funding package towards its continued growth plans.

The loan from ThinCats, a lender specialising in small and medium-sized enterprises (SMEs), will support the group's growth plans for the next three years.

Private equity firm Piper took a £10m stake in the restaurant group in 2017, and the group also reported pre-tax profits of £456,110 in its most recent financial results for the year to 27 August 2017.

Founded in 2012 by Charlie Carroll as a pop-up, Flat Iron now has six restaurants across London with sales of £14.5m. The group is opening its seventh restaurant on 21 January in Tooley St by London Bridge, and has secured a further site in Spitalfields due to open in summer, with plans for at least one further opening this year.

Charlie Carroll, founder of Flat Iron, said: "We are optimistic for the future, trading remains strong and we are seeing an increasing number of quality opportunities on the property side. We are looking forward to the chance to acquire some really amazing sites and are appreciative that ThinCats were able to see past the wider industry headlines and provide us the financial means to support our growth."

Dave Sherrington, director of regional business development at ThinCats, said: "Charlie and his team are precisely the type of people we want to back and this deal is a great example of alternative finance disrupting the banking market to allow a UK SME fulfil its potential."

Flat Iron's steak restaurants see pre-tax profits almost double >>

Private equity firm Piper takes £10m stake in Flat Iron >>

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