Burger chain Byron mulls store closures following restructuring deal
Three Hills Capital Partners has become the biggest shareholder in the group.
Troubled 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 Management has 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 Sky News. 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 Asian restaurant chain Wagamama in the summer.
The move, which came after Andy Manders stepped down in May, also relieved Dalton Philips of his temporary duties and allowed him to return to non-executive chairman.
Byron Burger, which was founded by Tom Byng in 2007, employs around 1,800 people and has 70 UK restaurants.
Byron declined to comment.