Tue, 05 May 2020 | BUSINESS SALE
Three Hills Capital Partners, the majority shareholder of restaurant chain Byron Burger, have appointed finance firm KPMG to contact potential buyers for the business. The planned sale comes as the coronavirus crisis threatens jobs across the casual dining sector.
Byron Burger, which was founded in 2007, employs 1,200 staff at 51 locations across the UK. In line with government coronavirus regulations, all of its restaurants are currently closed, while its workforce have reportedly been put on minimum-hour payment terms.
It is unclear whether a solvent sale of the business is possible but, according to a source close to the process, other options that a sale are being considered. This could include a refinancing under majority shareholder Three Hills Capital Partners, which acquired the company in 2017.
Having expanded to 71 sites by the end of 2016, the company ran into difficulties as it was saddled with rent payments and insufficient revenue, eventually forcing it into a company voluntary arrangement.
Under a restructuring plan, the company wiped out its debts, closing 20 sites and slashing rents at many locations. In the past year it has also sought to overhaul its brand, redesigning its restaurants, menu and logo.
According to a source, the company reported turnover of £70.9 million and gross profit of £31.6 million. With its turnaround plan seemingly proceeding successfully, a source said that the coronavirus pandemic had come at “a frustrating time” for the company.
In its latest available set of 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, the company 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!
Discover a charming village pub restaurant nestled in the picturesque landscapes of Oxfordshire, offering a unique opportunity to own an establishment rich in character and appeal.
LEASEHOLD
Discover a thriving community pub in a bustling residential suburb of Warwickshire, ideal for those looking to make a mark in the hospitality industry.
LEASEHOLD
Charming riverside pub restaurant in a popular hamlet, perfectly situated near leisure attractions, camping, caravan parks, and waterside activities in Nottinghamshire.
11
|
Jul
|
Holiday letting agency acquires Cornish self-catering holiday specialist | BUSINESS SALE
Travel Chapter, a leading UK holiday letting agency, has ann...
11
|
Jul
|
Power services firm set to be acquired by US energy resilience group | BUSINESS SALE
The Wilmott Group Limited, a power services group with opera...
11
|
Jul
|
Dunfermline vehicle manufacturing services firm enters administration | ADMINISTRATION
A specialist manufacturing business based in Dunfermline has...
11
|
Feb
|
PE group Endless sells Karnova Food Group to US outfit OSI | BUSINESS SALE
Private equity group Endless has sold Karnova Food Group to ...
28
|
Nov
|
PE-backed Carton Pack wraps up Clifton Packaging deal | BUSINESS SALE
Leicester-based food packaging firm Clifton Packaging has be...
14
|
Nov
|
Timber groups merge to carve out new acquisitions | MERGER
Two timber groups have joined together to form a £80 m...
Business Sale Report is the complete resource for finding genuine acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.