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Morning Briefing for pub, restaurant and food wervice operators

Wed 31st Jan 2018 - Byron to close ‘number of restaurants’ as CVA gets creditor approval
Byron to close ‘number of restaurants’ as CVA gets creditor approval: Better burger brand Byron is to close “a number of restaurants” having had its Company Voluntary Agreement (CVA) proposal approved by creditors, with 99% voting in favour. Under the terms of the agreement 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 chief executive Simon Cope said: “We are very pleased to have such strong support from our creditors. Our landlords have been both understanding and positive throughout this process and we look forward to working proactively with them in the coming months. As a result of this restructuring process, a number of our restaurants will close and we will do everything possible to redeploy staff to other sites and initiatives. With the support of our new owners, Three Hills Capital, I’m confident that a new Byron can begin to take shape. Byron’s brand and offer remains strong and distinctive, and with a smaller and more efficient restaurant estate we can continue to provide an outstanding burger experience for our customers and to develop and grow a sustainable and innovative business for the long term.” All Byron’s 67 restaurants are leaseholds, while it also operates nine other leasehold sites including its London head office. Earlier this month, Sky News reported 20 sites were at risk of closure under a restructuring plan. Information distributed to potential bidders for the business had indicated 13 of its sites are loss-making or marginal and fall into a category headed “exit immediately”. The CVA proposal document showed Byron made a loss of £10.3m last year, as like-for-like sales fell by an average of 5.9%.


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