Tue, 05 May 2020 | BUSINESS SALE
Three Hills Capital Partners, the majority shareholder of restaurant chain Byron Burger, have appointed finance firm KPMG to contact potential buyers for the business. The planned sale comes as the coronavirus crisis threatens jobs across the casual dining sector.
Byron Burger, which was founded in 2007, employs 1,200 staff at 51 locations across the UK. In line with government coronavirus regulations, all of its restaurants are currently closed, while its workforce have reportedly been put on minimum-hour payment terms.
It is unclear whether a solvent sale of the business is possible but, according to a source close to the process, other options that a sale are being considered. This could include a refinancing under majority shareholder Three Hills Capital Partners, which acquired the company in 2017.
Having expanded to 71 sites by the end of 2016, the company ran into difficulties as it was saddled with rent payments and insufficient revenue, eventually forcing it into a company voluntary arrangement.
Under a restructuring plan, the company wiped out its debts, closing 20 sites and slashing rents at many locations. In the past year it has also sought to overhaul its brand, redesigning its restaurants, menu and logo.
According to a source, the company reported turnover of £70.9 million and gross profit of £31.6 million. With its turnaround plan seemingly proceeding successfully, a source said that the coronavirus pandemic had come at “a frustrating time” for the company.
In its latest available set of 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, the company 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!
Specialises in the provision of a range of premium pastries, hot and cold snacks, speciality cakes and freshly baked breads for major supermarkets and local businesses across the North East.
LEASEHOLD
Well-established business operating for over 83 years. All meat is sourced from local farms around the North West.
LEASEHOLD
Currently operating as a profitable Indian Restaurant on a prime location in the heart of Brick Lane in East London. Located in the centre of the largest footfall in the area.
LEASEHOLD
|
22
|
|
Apr
|
Derbyshire hotel and wedding venue to reopen as search for buyer continues | COMMERCIAL PROPERTY
A four-star hotel and wedding venue in South Derbyshire is s...
|
21
|
|
Apr
|
English vineyard business put up for sale | BUSINESS SALE
A specialist English Pinot Noir vineyard in Worcestershire h...
|
20
|
|
Apr
|
Administrators appointed as UK logistics firm collapses | ADMINISTRATION
West Bromwich-based courier and logistics firm New Generatio...
Sign up to receive our acquisition alert emails to get your FREE guide
|
10
|
|
Mar
|
£32m turnover Angus Steakhouse appeals to landlords with administration looming | ADMINISTRATION
London’s popular Angus Steakhouse chain has appealed t...
|
21
|
|
Jan
|
ProCook considering sale as it undertakes strategic review | BUSINESS NEWS
Kitchenware retailer ProCook is to undertake a strategic rev...
|
09
|
|
Dec
|
Administrators seek buyer for garden machinery firm | ADMINISTRATION
Shropshire-based garden machinery company Oakley’s has...
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