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Tue 9th Jan 2018 - Byron to undergo CVA in bid to secure future
Byron to undergo CVA in bid to secure future: Better burger brand Byron has announced the sale of the business and a restructuring plan that will “ensure a sustainable long-term future”. Under the terms of the transaction, which is subject to the successful completion of the reorganisation process, existing investor Three Hills Capital Partners becomes the majority shareholder. Hutton Collins will sell half of its current holding in Byron to Three Hills Capital Partners and will retain a significant minority interest in the business. Byron stated: “The proposal allows Byron to rationalise the costs of its leasehold obligations and refocus the business on a smaller, more profitable core estate. This business model will be more suitable to the current economic headwinds affecting the sector, whilst continuing to meet Byron’s obligations to suppliers and creditors. This proposed restructuring, under the terms of a Company Voluntary Arrangement (CVA), will allow Byron to continue operating while it redeploys investment in the core business to drive share and growth. Under the CVA process, Byron has submitted a comprehensive operational restructuring plan to its creditors and will solicit their approval of the CVA over the next 21 days. If approved by the creditors, the CVA proposal will substantially reduce Byron’s rental obligations and allow the business to move to a more viable business model. In the event of closures, we will do everything possible to redeploy staff to other stores and other initiatives.” Chief executive Simon Cope said: “Byron’s core restaurant business and brand remain strong but the market that we operate in has changed profoundly. In order to continue serving our loyal customer base, we need to make some critical and difficult changes to the size and shape of our estate. With the support of our new owners, our creditors, landlords and other business partners, I’m confident Byron will able to continue providing our consumers with the best burger experience. The teams in our restaurants are always such an inspiration and we will work hard to support them throughout this difficult process.”

Handful of tickets left for Restaurant Marketer & Innovator series this month, largest sector marketing event in the UK by attendance: A handful of tickets are left for Restaurant Marketer & Innovator, the most comprehensive marketing series the sector has seen. The event has now become the best-attended marketing event in the UK with more than 600 people from nine different European countries booked to attend. Propel will stage the two-day event in partnership with Think Hospitality on Wednesday, 17 January and Thursday, 18 January at One Moorgate Place in London. An array of marketers from agencies and early-stage, growing and rejuvenating brands will take to the stage to share their strategies and winning tactics. Companies and brands attending include Novus, Signature Pubs, Cafe Rouge, Wagamama, Brasserie Bar Co, Las Iguanas, YO! Sushi, Fuller’s, ASK Italian, Mitchells & Butlers, G1 Group, Costa Coffee, Ei Group, Jamie Oliver Restaurant Group, Brewhouse & Kitchen, Stonegate Pub Company, Be At One, Revolution Bars Group, Cabana, Thai Leisure Group, New World Trading Company, Pho, Maxwell’s Group, Gather & Gather, Oakman Inns and Restaurants, The Breakfast Club, The Coaching Inn Group, Gail’s Bakery, Gordon Ramsay Restaurants, K10, Giggling Squid, San Carlo Group, Ennismore, TLC Inns, Polpo, FrogPubs, The Real Eating Company, Claus Meyer Holding, VIP Pizza, 200 Degrees, Coppa Club, Snug Bars, Albion & East, Pint Shop, True North Brew Co, Darwin & Wallace, Chit Chaat Chai, BabaBoom, Electric Star and Eat Poke. For full details of the two days, co-ordinated by James Hacon and Ann Elliott respectively, click hereConference prices for two days are £525 plus VAT for operators and £795 plus VAT for suppliers. Companies buying two tickets will receive a third free. A one-day rate of £345 plus VAT is available to operators only. For more information and to book, call Jo Charity on 01444 810304 or email jo.charity@propelinfo.com or Anne Steele on 01444 817691 or anne.steele@propelinfo.com. Please note the Boot Camp on Tuesday, 16 January will now take place on the tenth floor of the Blue Fin Building in Southwark Street, London.
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