As a result of the restructuring process, a number of Byron restaurants will close.
Under the terms of the transaction, which is subject to the successful completion of the reorganisation process, existing investor Three Hills Capital Partners becomes the majority
shareholder. Hutton Collins will sell half of its current holding in Byron to Three Hills Capital Partners and will retain a significant minority interest in the business.
The proposal allows Byron to rationalise the costs of its leasehold obligations and refocus the business on a smaller, more profitable core estate. This business model will be more suitable to the current economic headwinds affecting the sector, whilst continuing to meet Byron’s obligations to suppliers and creditors.
This proposed restructuring, under the terms of a Company Voluntary Arrangement (“CVA”), will allow Byron to continue operating while it redeploys investment in the core business to drive share and growth.
Under the CVA process, Byron has submitted a comprehensive operational restructuring plan to its creditors and will solicit their approval of the CVA over the next 21 days.
Byron CEO Simon Cope said, “We are very pleased to have such strong support from our creditors. Our landlords have been both understanding and positive throughout this process and we look forward to working proactively with them in the coming months. As a result of this restructuring process, a number of our restaurants will close and we will do everything possible to redeploy staff to other sites and initiatives.
With the support of our new owners, Three Hills Capital, I’m confident that a new Byron can begin to take shape. Byron’s brand and offer remains strong and distinctive, and with a smaller and more efficient restaurant estate we can continue to provide an outstanding burger experience for our customers and to develop and grow a sustainable and innovative business for the long term.”
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