Mon, 29 Jun 2020 | ADMINISTRATION
The owners of fast-casual chain Byron Burger are preparing to place the business into administration in a bid to sell parts of the company. Private equity firm Three Hills Capital Partners appointed KPMG to sell Byron in early May, as we reported on here, but it has so far attracted zero bids.
Three Hills has now filed a notice of intention to appoint administrators, giving the company protection from creditors, and is reportedly looking to attract bidders for parts of the business in a pre-pack administration. There are reportedly three parties interested in acquiring parts of Byron, including the brand name and some locations.
Byron employs around 1,200 staff at 51 UK locations. Its business has been impacted by the coronavirus crisis, which has seen all of its restaurants closed and its workforce reportedly put on minimum-hour payment terms.
Three Hills and Byron are reportedly confident that a pre-pack sale can be agreed before mid-July, at which point they hope to begin reopening restaurants.
Byron Burger, which was founded in 2007, had expanded to 71 locations by the end of 2016 before running into difficulty due to rent payments and insufficient revenue. This forced the company into a CVA (company voluntary arrangement) and a restructuring, through which it wiped out its debts, closed 20 sites and cut rents at many locations. Three Hills acquired Byron in 2017.
In its most recent 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, Byron 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!
A renowned venue, fronting busy sought after thoroughfare, close to attractions, main shopping High Street with its national retailers, and commercial district with numerous office blocks. Totally refurbished in recent years at a cost in excess of £2...
This is an exceptional opportunity to acquire a well-established and reputable Pan-Asian/Noodle restaurant in the heart of Glasgow's West End, benefitting from a prime trading position amidst a bustling retail and licensed area.
LEASEHOLD
An established fish and chip shop in the heart of Edinburgh is now available for sale, offering a fantastic opportunity to own a popular and thriving business with loyal customers.
LEASEHOLD
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.