Burger chain By­ron faces ad­min­is­tra­tion

The Daily Telegraph - Business - - Business - By Han­nah Ut­t­ley

BURGER chain By­ron is poised to fall into ad­min­is­tra­tion as it races to find a buyer that can stave off a col­lapse, with 1,200 jobs at risk.

The com­pany has filed a no­tice of in­ten­tion to ap­point ad­min­is­tra­tors in a bid to pro­tect it from cred­i­tors dur­ing talks with po­ten­tial buy­ers, Sky News re­ported. By­ron is the lat­est ca­sual din­ing chain to fall on hard times dur­ing the coro­n­avirus pan­demic af­ter strug­gling to ob­tain fi­nan­cial sup­port through the Trea­sury’s emer­gency loan schemes.

Con­sul­tant KPMG has been try­ing to find a buyer for By­ron since early May af­ter it was hired as an ad­viser by the chain’s pri­vate eq­uity owner Three Hills Cap­i­tal Part­ners in March. The most likely out­come for the burger chain is now con­sid­ered to be a pre- pack ad­min­is­tra­tion, with the busi­ness then bro­ken up and sold off in pieces.

By­ron was founded in 2007 with just two sites. An over-am­bi­tious ex­pan­sion plan and in­flux of new com­peti­tors forced the busi­ness into a painful re­struc­tur­ing in 2018, re­sult­ing in the clo­sure of 19 restau­rants. By­ron now has 51 UK sites and posted sales last year of £70.9m, with a gross profit of £31.6m.

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