Mon, 29 Jun 2020 | ADMINISTRATION
The owners of fast-casual chain Byron Burger are preparing to place the business into administration in a bid to sell parts of the company. Private equity firm Three Hills Capital Partners appointed KPMG to sell Byron in early May, as we reported on here, but it has so far attracted zero bids.
Three Hills has now filed a notice of intention to appoint administrators, giving the company protection from creditors, and is reportedly looking to attract bidders for parts of the business in a pre-pack administration. There are reportedly three parties interested in acquiring parts of Byron, including the brand name and some locations.
Byron employs around 1,200 staff at 51 UK locations. Its business has been impacted by the coronavirus crisis, which has seen all of its restaurants closed and its workforce reportedly put on minimum-hour payment terms.
Three Hills and Byron are reportedly confident that a pre-pack sale can be agreed before mid-July, at which point they hope to begin reopening restaurants.
Byron Burger, which was founded in 2007, had expanded to 71 locations by the end of 2016 before running into difficulty due to rent payments and insufficient revenue. This forced the company into a CVA (company voluntary arrangement) and a restructuring, through which it wiped out its debts, closed 20 sites and cut rents at many locations. Three Hills acquired Byron in 2017.
In its most recent accounts, filed to the year ending June 24 2018, the company suffered a post-tax loss of £47.2 million as the UK casual dining market became “increasingly competitive”. At the time, Byron had fixed assets of £10.3 million, down from £25.3 million the year before, and current assets of £6.5 million.
Find businesses for sale here.
If you are looking for an exit, we can help!
The business was first established by the owner in 2019, building up an excellent reputation during its time of trading. As seen by some online ratings and reviews, the business is extremely popular within the local area.
LEASEHOLD
An opportunity has arisen to acquire a company that procures pork from a range of suppliers and cuts the products to the specific requirements of clients.
FREEHOLD
A long-established business which has been owned and operated by the owners for in excess of 12 years. The premises is well presented throughout, with quality fixtures, fittings and equipment included within the sale price.
FREEHOLD
03
|
Feb
|
Social media marketing firm acquired at up to 41.6x operating profit | BUSINESS SALE
Manchester-based social media and influencer marketing agenc...
03
|
Feb
|
Pub group planning to sell 1,000 sites as pressures on hospitality mount | COMMERCIAL PROPERTY
Stonegate Group, the UK’s largest pub company, is repo...
02
|
Feb
|
Babble hits 12 acquisitions in a year with double takeover | BUSINESS SALE
London-based cloud technology firm Babble has continued its ...
Sign up to receive our acquisition alert emails to get your FREE guide
13
|
Jan
|
Nine sites to close after Byron Burger owner sold out of administration | ADMINISTRATION
Nine restaurants are to close and 12 other sites will transf...
10
|
Mar
|
£32m turnover Angus Steakhouse appeals to landlords with administration looming | ADMINISTRATION
London’s popular Angus Steakhouse chain has appealed t...
21
|
Jan
|
ProCook considering sale as it undertakes strategic review | BUSINESS NEWS
Kitchenware retailer ProCook is to undertake a strategic rev...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources