Wed, 05 Jun 2013 | BUSINESS SALE
Bidders are pushing to get to the front of the queue to snap up London-based burger chain Byron, which has been given a £90 million price tag, the Sunday Times reported.
Its owner Gondola, which also owns Pizza Express, Ask and Zizzi, has ordered the sale - thought likely to bring in between £90 million and £100 million. DC Advisory Partners is managing the sale process.
Its founder, Tom Byng, created Byron after being inspired by the simple, good quality burgers he ate while staying in Rhode Island, US.
The burger restaurant has seen rapid growth since its inception in 2007, with the opening of its first outlet on Kensington High Street in London. It now counts over 30 outlets across London, Cambridge, Bluewater in Kent, and Oxford, and has plans to open further sites in Liverpool and Manchester.
RIT Capital Partners is one bidder, and other potential buyers are thought to include TDR Capital, which has supported Pizza Express in the past, and Searchlight Capital, a US buyout firm.
It is expected that the firm will achieve £8 million in sales this year.
Other new restaurant chains attracting investor hunger include Côte, specialising in French style food, which is the subject of sale discussions with investor Bridgepoint. While Red Hot World Buffet is on Risk Capital Partners’ wish list.
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