BYRON ON THE BRINK AS BURGER BAR SEEKS RESCUE

The first Byron restaurant opened in 2007 on Kensington High Street selling gourmet burgers, fries and thick shakes

Founder Tom Byng started the restaurant after eating at the famous Silver Top diner in the US

It led the fad for posh burgers. The Byron burger costs £10, with fries an additional £3

In 2013 former Chancellor George Osborne tweeted a picture of himself eating a Byron burger while preparing for the Budget

Byron was sold to private equity house Hutton Collins for £100m in 2013

In December 2017, Three Hills Capital bought a majority stake in Byron, announcing plans to close 13 loss-making restaurants. It now has 67 UP to 20 of Byron’s troubled burger restaurants face closure as it attempts to secure a rescue deal.

Byron revealed the restructuring plans which, if approved, will allow it to reduce rents and potentially close its least profitable sites, most of which are outside London.

The chain has expanded to 67 restaurants since launching its first burger bar on Kensington High Street in 2007. But Simon Cope, chief executive, said: ‘The market that we operate in has changed profoundly.’

The so-called company voluntary arrangement (CVA) will need the approval of 75pc of Byron’s creditors, landlords and other business partners at a vote on January 31.

Restaurants which fall under the plan include those in Cardiff, Derby, Manchester and London’s Hoxton Square and Spitalfields.

Byron has appointed KPMG as adviser and Will Wright, restructuring partner at the auditor, said: ‘It’s important to stress that no restaurants will close on day one, and employees, suppliers and business rates will continue to be paid in full.’