Scaling Smart: Unlocking Growth for the North Webinar Write-up
On Thursday, the 11th of September, FinTech North returned for their first event of the autumn, their Scaling Smart: Unlocking Growth for the North Webinar, hosted in partnership with OakNorth.
The webinar saw an engaged group of 43 attendees join the session, which centred around the critical role scale-ups play in driving UK economic growth and the unique challenges they face.
Discussions explored how scaling businesses can navigate evolving financing needs, balance debt and equity, and access flexible, bespoke banking solutions. A recurring focus was the importance of strong partnerships – combining tech-enabled insights with human expertise – to provide scale-ups with the resilience, clarity, and forward-looking support they need. Speakers also emphasised leadership, execution, and strategy as key to unlocking growth, alongside practical advice on preparing teams, data, and processes to engage effectively with lenders and investors.
We’ll be uploading the webinar recording to our YouTube channel shortly, and will include a link in this write-up.
Welcome from FinTech North and OakNorth
The session opened with Joe Roche, FinTech North’s General Manager, who welcomed participants and shared an overview of FinTech North and its activity.
He was followed by Stewart Haworth, Senior Director of Debt Finance at OakNorth, who reiterated the strength and entrepreneurial spirit of the North, and spoke on the bank’s own scaling journey, highlighting how their experience and challenges have played a role in informing how they work and the lending services they offer.
Reflecting on the business’s journey to date, he noted that OakNorth have recently celebrated their tenth birthday, now operating across the UK, including Northern key offices in Leeds and Manchester, and have lent over 18 billion dollars in this time.
Following the overview of the business, Rachel England, FinTech North’s Events Coordinator then welcomed the panel, chaired by Foluso Laguda, Strategy Consultant at Whitecap Consulting, to the virtual stage to share their insights on the complexities of the scaling landscape.
The panel featured:
- Peter King, Director of Business Banking, OakNorth
- Stewart Haworth, Senior Director of Debt Finance, OakNorth
- Sarah Ashby, COO and Interim CEO at Mamas & Papas
- Tom Rayner, CFO at Total Fitness
The Importance of Scale-ups
Foluso opened the panel with a question on why scale-ups matter. Sarah answered:
“Scale-ups are incredibly important in the UK economy. We are hopeful that the economy will keep growing, and we are a huge part of that. From a Mamas & Papas point of view, getting the support we need to keep growing from the likes of our partners, like OakNorth, has been incredibly important.”
She highlighted that while scaling businesses face headwinds – from customer sentiment shifts to retail landscape changes – their success is vital for the wider economy.
Tom added that regardless of size, scale-ups are critical to UK growth, with challenges that often echo across businesses of all stages, such as access to funding and access to the right funding.
Stewart and Tom described scaling as “messy” – finance itself can be straightforward, but successful execution relies on the strength of management teams and their ability to implement strategy effectively. Stewart also highlighted the positive effect of growth on morale and momentum within organisations.
Northern Perspectives and Barriers
When the discussion turned to regional challenges, Sarah highlighted that while access to finance itself has not been a major issue for Mamas & Papas, the practicalities of securing funding often involve significant time and travel. With most finance conversations still taking place in London, Northern businesses face additional barriers in terms of accessibility and effort required to build these relationships.
Sarah also pointed to the talent landscape, noting that while there is strong capability in the North, the pool is smaller than in the capital. This makes attracting and retaining the right people more difficult.
Tom agreed, adding that talent challenges are compounded by the local nuances of each market. For Total Fitness, each club faces different competitive pressures, which means having the right people in the right place is critical. He explained that roll-out strategies for new products and services need to be rooted in the heartlands of the business, where established teams can anchor growth. This reflects the relative sparsity of talent in the region, making proximity to core teams essential.
Financing Journeys and Evolving Needs
Sarah reflected on Mamas & Papas’ growth as a cash-generative business, noting that the need for capital can sometimes come from fulfilling other shareholder objectives rather than operational funding. A recent raise with OakNorth played a strategic role, with the flexibility of a revolving credit facility proving highly valuable.
Tom shared how Total Fitness had faced significant challenges during COVID, but post-pandemic the speed and flexibility of OakNorth’s support allowed the business to align financing with its growth plans. Both emphasised that scale-ups must carefully balance debt and equity, considering whether to protect downside risks or sell a compelling equity growth story.
Debt, Equity, and the Role of OakNorth
The panel reflected on how scale-ups must carefully balance debt and equity as they grow. Sarah emphasised that equity is about communicating a compelling growth story and value creation, while debt requires confidence that downside risks can be mitigated. Tom added that successful scaling depends on agility and on ensuring funding structures are closely aligned with the business’s growth strategy.
Building on this, Stewart explained that scale-ups require different solutions from traditional SMEs. Unlike large legacy banks, OakNorth aims to offer more flexible, tech-enabled, and responsive lending options. He noted that deployment of capital is often straightforward, but it is the exit that can present the greatest challenges for both funders and businesses. This means lenders need to think ahead with businesses, not only about capital today but also about long-term sustainability and eventual outcomes.
Stewart also outlined OakNorth’s three core products: term loan facilities, revolving credit facilities, and business banking accounts. What differentiates OakNorth, he noted, is not the products themselves but the flexibility to structure solutions around the needs of the business, combined with transparency and speed of execution. He also shared that 40% of OakNorth’s clients are repeat clients, underlining how the bank supports businesses throughout their growth journeys rather than only at a single stage.
Pete expanded on this, noting that scale-ups are inherently complex and often go through restructuring. While legacy institutions remain well-suited to SMEs, he argued that neobanking offers the agility and flexibility that scale-ups need to grow, adapting more effectively to their evolving requirements.
Partnerships and Banking Relationships
The panel agreed that strong partnerships are fundamental to scaling. Tom described the value of having a bank that “looks forward,” noting that scale-ups live in the future and need funding partners aligned with their vision. He stressed the importance of resilience, planning and communication – ensuring funding partners understand and can absorb shocks. Tom also added that scale-ups need a partner who can react quickly when circumstances change or when challenges arise.
Sarah advised choosing a lending partner of a similar size and scale, with aligned values. She further reiterated the importance of building relationships on transparency and communication.
In response to a question around the best advice for leaders of scaling businesses, Tom said, “The best relationships are built on no surprises,” reinforcing the previous points around trust and ongoing dialogue being crucial for a mutually beneficial relationship.
Pete shared his perspective on scaling partnerships from a banking perspective, adding that OakNorth designs its products with clients in mind, blending technology with relationship-led banking to ensure genuine alignment.
Technology, Flexibility, and Data
Pete explained that OakNorth uses technology to make processes faster and more efficient, while keeping client relationships central. Stewart added that OakNorth goes beyond data, involving borrowers directly in credit committee discussions to build trust and ensure decisions reflect the reality of businesses.
Sarah spoke about how Mamas & Papas’ future growth strategy is data-driven, while Tom emphasised the importance of having a banking partner who recognises data’s role in decision-making. Both Sarah and Tom found OakNorth’s tech-enabled yet human approach beneficial compared to the bureaucracy of legacy banks.
Advice and Practical Lessons
The session closed with advice for scaling businesses. Sarah urged leaders to “get their house” in order before approaching lenders, from well-organised data to clear growth stories, supported by adequate finance team resources. Tom recommended developing a growth model that integrates strategy and evidence, and ensuring management teams can articulate it clearly. Stewart highlighted the importance of open communication with partners, allowing for faster and more effective decision-making.
Closing Remarks
Rachel brought the session to a close by thanking the speakers and attendees, reflecting on the shared experiences and practical insights offered throughout the discussion. The webinar reinforced that unlocking growth requires not only capital but also execution, strategy, and above all, strong partnerships built on trust, flexibility, and forward-looking support.
Thank you to our event partners OakNorth for sponsoring this webinar. For more information on opportunities for collaboration, please reach out to us at info@fintechnorth.uk
