Mon, 08 Oct 2012 | BUSINESS SALE
The Byron burger chain is understood to be up for sale, with a number of investment banks thought to be interested.
Reports from the Sunday Telegraph suggested that Bank of America, Merril Lynch and Barclays are among the companies vying for a prime cut of the popular chain.
A full exit for private equity house owners Cinven is thought to be unlikely due to the current consumer climate at the moment. However, a float and a full or partial sale have been discussed.
Gondola Holdings, the company behind Byron, as well as other popular chains Pizza Express and Zizzi, originally considered a sale of the entire group but has now settled for a sale of the burger chain for a price upwards of £100 million.
The paper's sources confirmed that Gondola has been discussing future options for the chain with a number of possible advisers after the company's strong growth saw it become Gondola's engine for growth. Indeed, Byron made a profit of £1.09 million on sales of £17.5 million in the year to June 2011 and has expanded from one restaurant in 2007, to 25 in London alone and a further two planned for Oxford and Kent.
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