Byron secures £12 million funding to support growth
The premium hamburger chain announced that it has secured a new £12 million banking facility funded jointly by Santander and Royal Bank of Scotland's Corporate Transactions team until 2021.
The new facility is in addition to existing arrangements and will provide capital to support Byron’s future growth plans as it continues its national roll-out. The business, which has 65 restaurants throughout the UK, plans to reach 100 restaurants in the next three years.
Tom Byng, Founder and CEO of Byron, said: “Santander and Royal Bank of Scotland have proved to be supportive partners over the past two and a half years, during which the business has nearly doubled in size. We are delighted to continue this partnership with a new funding package which will support our ambitious growth plans.”
Gary Nutley Head of Corporate Transactions London and South at Royal Bank of Scotland said: "We have enjoyed working with Byron over the last couple of years and remain committed to supporting their growth ambitions. The funding deal will assist them with plans to expand their premium hamburger restaurants across the UK and help to achieve a target of 100 restaurants by 2019. This is an exciting period for the business and we are pleased to work in partnership with them."
Andrew Tully, Head of Structured Finance, Financial Sponsors, London at Santander said: '”We're delighted to be extending our support to Byron to allow the management team to take one of the UK's most loved premium hamburger brands to a wider national audience. This deal represents an increase in funding levels and reinforces Santander's commitment to the branded casual dining sector. We look forward to working with the management team in this next phase of growth.”
