KPMG serves up administration at Byron
10 Aug 2020
Will Wright and Steve Absolom, partners from KPMG’s restructuring practice, have been appointed as joint administrators to Byron Hamburgers Ltd, and put a pre-pack deal on the table as challenging trading conditions saw the casual dining chain shed more than half its jobs
10 Aug 2020
Founded in 2007, Byron has 51 sites across city centres, neighbourhoods, retail and leisure centres and tourist destinations.
Following their appointment, the joint administrators sold the brands and certain assets of the company to a newco owned by Calveton UK Ltd, with the company’s existing investors taking a minority stake.
The deal will allow 20 sites to continue to trade, with 551 employees transferring to the new owner.
However, a total of 31 sites which have been closed since lockdown measures were introduced in March are not included in the scope of the transaction and will not re-open. There will be 651 staff redundancies as a result of these closures.
Will Wright, partner at KPMG and joint administrator, said: ‘In common with so many other companies across the leisure and casual dining industries, the impact of the Covid-19 pandemic on Byron has been profound.
‘After exploring a number of options to safeguard the future of the business and following a competitive sales process, this transaction ensures Byron will continue to have a presence on our high streets.’