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.
Business retails organic,natural and local products - where possible; ethical - a must; vegetarian produce, which includes health food, supplements, honey, jam, nuts, seeds and pulses, fruit and vegetables including an excellent array of herbs and sp...
LEASEHOLD
This is without doubt an exceptional business, which has been fitted out to quite an exacting standard and offers what one could describe as a "Modern British" menu. With bars and seating over two floor comprising of some 90 covers, with a further 75...
LEASEHOLD
This specialist hire company provides a complete hire service to caterers, hotels and private clients alike. The business offers for hire a huge array of cutlery, glassware, kitchen equipment and even furniture, together with a selection of table lin...
LEASEHOLD
|
20
|
|
Nov
|
Customer reviews specialist Feefo completes MBO | MBO/MBI
A company that provides a platform for customer reviews and ...
|
18
|
|
Nov
|
Kent childcare group sold to national charity | BUSINESS SALE
A Kent childcare group has been acquired by a chain of day n...
|
17
|
|
Nov
|
Warm Zones enters administration | ADMINISTRATION
A North Shields-based non-profit business dedicated to helpi...
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