Wed, 10 Jan 2018 | BUSINESS SALE
Popular high street burger selling chain Byron has announced that it is considering a sale of part of its business in order to rescue the group.
Bryon’s owner, London-based private equity firm Hutton Collins, has aired plans to sell half of its current holding with Three Hills Capital Partners lined up as a potential new majority shareholder.
The deal relies upon a successful restructuring of the burger business after agreeing to the terms of a company voluntary agreement (CVA) on the back of several difficult years of trading.
Accountancy firm KPMG, which is overseeing the restructuring process, said that plans were currently to close up to 20 restaurants and reduce the rent paid at other sites for six months.
The accountancy firm said that no restaurants would close on “day one”, while Byron would continue to pay employees and suppliers as normal in the interim.
Byron said in a statement today that the planned restructure would let it “refocus the business on a smaller, more profitable core estate” and that it would do “everything possible” to find displaced staff a new roll at other sites.
Simon Cope, Byron’s CEO, said: “Byron’s core restaurant business and brand remain strong but the market that we operate in has changed profoundly.
“With the support of our new owners, our creditors, landlords and other business partners, I’m confident Byron will be able to continue providing our consumers with the best burger experience.”
The burger chain opened its first restaurant in Kensington in 2007 with a mission to bring “proper hamburgers” to the UK high street. Since then, however, rising costs in the casual dining industry have caused problems, as has competition from home delivery rivals and other brands.
Hutton Collins bought Byron in a deal worth £100 million in 2013 and has since doubled the restaurant chain’s locations from 34 to almost 70.
Offers an extensive selection of products from leading brands, including frozen meat and vegetables, preprepared meals, dry goods and toiletries.
LEASEHOLD
Stocks in excess of 700 international food products, including confectionery, snacks, sodas and groceries. Has in excess of 800 clients, with 60% providing ongoing, reliable revenue.
LEASEHOLD
Utilises local ingredients and traditional methods to produce a range of 40 in-house speciality cheeses, which are sold to customers throughout the UK and Europe.
FREEHOLD
01
|
Mar
|
Canadian fund set to launch sale of Burton’s Biscuits | BUSINESS SALE
UK-based biscuit maker Burton’s Biscuits is set to be ...
26
|
Feb
|
Hanson-owned brickwork contractor closes down | BUSINESS NEWS
Brickwork firm Irvine-Whitlock, a subsidiary of building mat...
25
|
Feb
|
Fairstone secures further backing from PE firm TA Associates | BUSINESS NEWS
Acquisitive wealth management firm Fairstone Financial Manag...
Sign up to receive our acquisition alert emails to get your FREE guide
03
|
Aug
|
Byron Burger closes more than half its outlets in pre-pack deal | BUSINESS SALE
Byron Burger has been sold in a pre-pack deal that will see ...
29
|
Jun
|
Byron Burger on the brink of administration | ADMINISTRATION
The owners of fast-casual chain Byron Burger are preparing t...
05
|
May
|
Byron Burger owner seeks to sell chain | BUSINESS SALE
Three Hills Capital Partners, the majority shareholder of re...
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