Fri, 13 Jan 2023 | ADMINISTRATION
Nine restaurants are to close and 12 other sites will transfer to a newco after the company behind fast-casual chain Burger Byron fell into administration. Interpath Advisory’s Claire Winder and Chris Pole were appointed as joint administrators to Famously Proper Ltd, which operates the Byron and Mother Clucker chains, on January 13.
Upon their appointment, the joint administrators immediately concluded the sale of the business and assets of 12 sites to newco Tristar Foods Ltd. Nine of the company’s sites will close with immediate effect, leading to the loss of 218 jobs.
The business had previously closed more than half of its 51 sites in a pre-pack administration resulting from the impact of the COVID-19 pandemic. Over the past 12 months, it had faced further trading difficulties, including rising costs for food and utilities and a drop in consumer confidence amid the cost-of-living crisis. While several options were explored to secure the future of the business, no solvent offers were made, leading the firm’s directors to appoint administrators.
Sites will close in Manchester, London – Wembley, Edinburgh Lothian Road, Bluewater, Chelmsford, Leeds, Milton Keynes, Southampton and Salisbury.
The sites that will transfer to the new owners are: London – Covent Garden; London – Central St Giles; London – White City; London – Old Brompton Road; Liverpool; Edinburgh Royal Mile; Cambridge; Bury St Edmunds; Ipswich, York; Norwich; and Oxford.
Commenting on the process, joint administrator and Interpath Managing Director Claire Winder said: "Like many other companies across the hospitality sector, Byron had seen a boost in trading following the end of the COVID lockdown measures. However, the sky-high inflation seen in 2022 saw costs spiral and resulted in reduced customer spend, which in turn placed significant cashflow pressure on the business.”
"We are pleased to have concluded this transaction which will see the Bryon name continue to trade on high streets across the country and which, importantly, has preserved a significant number of jobs."
Find out about the pressures hitting the UK hospitality sector are creating acquisition opportunities.
Read more about the impact of COVID-19 on the UK's fast casual restaurant industry.
Click here to view the UK's latest distressed businesses.
View recent UK administrations.
An incredible opportunity awaits to acquire a well established restaurant situated in the heart of Liverpool’s bustling Business District. This 56 cover venue has been successfully trading since 2016 in its current format and boasts a rich history as...
LEASEHOLD
Long-established and highly-regarded business, situated in the beautiful village of Sewerby. The venue is well-appointed and presented throughout.
LEASEHOLD
Top performing restaurant, totally refurbished in recent years at a cost in excess of £200,000, occupying one of the best Exeter city centre trading positions. A renowned venue, fronting busy sought after thoroughfare, close to attractions, main shop...
LEASEHOLD
30
|
Jan
|
Long-standing Scottish law firms agree to merge | MERGER
Scottish law firms Macnabs and Thorntons have agreed to merg...
30
|
Jan
|
Historic security paper firm Portals Paper bought by German peer | BUSINESS SALE
A South West producer of high-security papers with centuries...
30
|
Jan
|
Crêperie group bought out of administration | BUSINESS SALE
A UK-based crêperie café chain with outlets aro...
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
We can help you capitalise on insolvent businesses. We list UK businesses in administration, liquidation and with winding up petitions daily. Ensuring our members never miss out on an opportunity
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.