Three Hills Capital Partners will become its majority shareholder by acquiring part of the stake held by Hutton Collins.
According to Sky News, FPP Asset Management will become a new investor in the business, which has been suffering amid rising costs and a downturn in trading at many of its sites.
The deal will pave the way for the closure of some of Byron's restaurants, with a mechanism called a company voluntary arrangement (CVA) likely to be considered early next year.
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