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.
2 x Lucrative Cafes & Food Kiosk Recently Departed from a Franchise in Cornwall. Well-Established and Longstanding. Ideal Coastal Location. Recently Renovated. Fantastic Reputation. Excellent Trade Throughout the Year. Offers invited.
LEASEHOLD
Two staff-managed businesses belonging to recognised franchise. Separate or collective purchase available. Based within 2 popular locations. Full support from franchiser. Brilliant reputation. Household name. Offers invited.
LEASEHOLD
This is a fantastic opportunity to acquire an authentic Italian Café and Delicatessen located in South West London (St James’s). High Footfall. Tourist Location. Loyal customer base. Ample Parking. Offers invited.
LEASEHOLD
|
13
|
|
Sep
|
AFH Financial Group acquires two firms for £7.2 million | BUSINESS SALE
AFH Financial Group, a listed wealth management firm headqua...
|
12
|
|
Sep
|
Lucid Group completes acquisition of North West-based healthcare consultancy | BUSINESS SALE
Healthcare communication specialists, Lucid Group, has succe...
|
11
|
|
Sep
|
Controversial green energy firm goes bust and forced to appoint administrators | ADMINISTRATION
A small energy supplier providing green energy to 29,000 hou...
Sign up to receive our acquisition alert emails to get your FREE guide
|
05
|
|
Jun
|
London burger chain sale | BUSINESS SALE
Bidders are pushing to get to the front of the queue to snap...
|
08
|
|
Oct
|
Byron burger business for sale | BUSINESS SALE
The Byron burger chain is understood to be up for sale, with...
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