How a Michelin-starred chef turned idle cash into returns

In conversation with Andy Beynon, Founder of Behind

When chef Andy Beynon opened Behind in 2020, the restaurant quickly gained momentum. But with rapid growth came new financial complexity, including managing significant cash reserves. 

We spoke to Andy about what matters most when managing business funds, and how he moved from cash sitting idle to growing Behind’s reserves with Flagstone. 

Can you tell us a bit about yourself and your business?

I’m the chef-owner and founder of Behind, a Michelin-starred, fish-focused restaurant based in London Fields, Hackney. Over the years, this area has evolved into one of London’s most dynamic food destinations, with many new restaurants opening. 

We opened in 2020, in the middle of COVID. Once restrictions were lifted, we quickly became very busy and started generating a lot of cash. That was when I first learned about Corporation Tax. I received a significant tax bill – a real shock at the time, but a reflection of how quickly the business and revenue had grown. 

How did you first come across Flagstone? 

I first heard about Flagstone through a friend who is a financial adviser. We were at a wedding, and he mentioned I seemed to be doing well and suggested we catch up. In that conversation, I explained that I had a significant amount of cash sitting in my business account, but I wasn’t earning any interest on it.  

That didn’t feel right, especially as I was also paying a small fee for my business accounts each month. So, he told me about Flagstone. 

What matters most to you when managing your business’s cash reserves?

For me, when you run a business, you should keep it lean – just enough cash in your business account to keep things going, while holding reserves. 

One of the most important factors is having easy access to the money. People are often worried that if something happens, they might not be able to access their money, or that it could be tied up somewhere. 

What I like about Flagstone is that it’s clear. If you need your money, you can take it out, and you’re not going to lose anything. And if you don't need immediate access, Notice or Fixed Term accounts can usually offer better rates. That reassurance is important to me, and I'm sure most business owners feel the same way. 

Why do you use Flagstone and what are the main benefits for you?

I’ve been using Flagstone for nearly four years. For me, it’s about earning a return on cash and knowing it’s safe. Using Flagstone is safe, easy, and my financial adviser can also look into my account.

Before Flagstone, how were you managing your business cash?

It was just sitting in my account doing nothing. It’s a shame. I’d have a large amount just sitting there, and I’d be thinking, why isn’t it making money? Why isn’t your money earning interest in a business account? It’s such a simple, obvious thing to do. 

What’s changed since joining Flagstone?

For me, it’s knowing that the money I have is actually making money. The restaurant industry is really tough, so knowing that whatever money you have is working for you is important.  

This has definitely increased my peace of mind and answered my simple question: ‘why is this money sitting there? Is it making money?’ Now it does. 

The smarter way to grow your cash

Andy's business cash used to sit in an account doing nothing. Now, he knows it's safe, accessible, and earning a return. 

With Flagstone, you can access high-interest accounts from 40+ FCA-regulated banks – more than any other business cash platform. All with one sign-up, and a minimum deposit of £100,000. 

Use our portfolio builder to see how you could protect and grow your cash with Flagstone. 

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