Byron chain may slim down after restructure

Burger chain Byron could make a raft of store closures after securing a restructuring deal that overhauls the ownership of the business.

Three Hills Capital Partners has bought a slice of Hutton Collins’ stake to become the biggest shareholder in the group, while FPP Asset Managementhas emerged as a new investor.

Byron is expected to trim its estate as part of the deal, which is designed to firm up its financial position in the face of tough trading conditions and higher costs.

It may also consider a company voluntary arrangement (CVA) next year, allowing it to close loss-making stores, according to reports. It has already exited two restaurants this year.

The burger chain had hired KPMG to search for potential buyers of the business, and promoted Simon Cope to chief executive after poaching him from Wagamama in the summer. Byron employs 1,800 people and has 70 UK restaurants.