Byron outlets set to close in burger chain rescue plan

From BBC - January 31, 2018

As many as 20 Byron outlets will close in a rescue plan for Byron, the struggling burger chain, approved by lenders and landlords.

Simon Cope, Byron chief executive, said the company voluntary arrangement meant "a number" of restaurants would close.

"We will do everything possible to redeploy staff to other sites and initiatives," he said.

No outlets will close immediately, said KPMG, the accounting firm handling the restructuring.

Employees, suppliers and business rates would continue to be paid on time and full, KPMG said.

The CVA needed at least 75% backing from creditors, which included landlords, and 99% voted in favour.

Byron employs about 1,800 staff.

The CVA proposes that 51 Byron sites keep the same rental costs, and five would have their rents reduced by a third.

A further 20 would have their rents reduced by 45% for six months while the group negotiates with landlords over the future of those sites.

As part of the restructuring process, investment house Three Hills Capital Partners will become the biggest shareholder by buying half of Hutton Collins' stake.

Restaurants at risk


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