Struggling burger chain Byron has shut 31 of its 51 restaurants after the business was sold in a pre-pack administration.
The 31 locations had not reopened since coronavirus lockdown measures were introduced. The closure will result in 651 job losses.
Its joint administrators at KPMG, which were appointed today, sold the brands and certain assets to a newco owned by Calveton UK, with Byron’s existing investors taking a minority stake.
This will allow 20 sites to continue trading, with 551 jobs transferring to the new vehicle.
Will Wright, partner at KPMG and joint administrator, said: “In common with so many other companies across the leisure and casual dining industries, the impact of the Covid-19 pandemic on Byron has been profound.
“After exploring a number of options to safeguard the future of the business, and following a competitive sales process, this transaction ensures Byron will continue to have a presence on our high streets.”
Sandeep Vyas of Calveton said: “Byron is a pioneering brand much loved by customers across the UK. We are backing Byron because we believe it has great opportunity ahead of it, and it is well placed to adapt to the new consumer environment and dining trends.”
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