British restaurant group Byron Hamburgers Ltd may be forced to shut down twenty of its 67 UK restaurants under a new restructuring plan, Sky News has reported.
The ‘better burger’ chain has proposed a company voluntary arrangement (CVA) aimed at slashing costs, following a strategic review of the business.
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The company’s owner Hutton Collins called in professional services firm KMPG in November to oversee a strategic review of its business.
Byron assured that no restaurants would close on day one of the CVA, and that its 1,800 employees, suppliers and business rates would continue to be paid on time and in full.
The reported restaurants at risk of closures are in Aberdeen, Birmingham, Bristol, Camberley, Cardiff, Derby, Gateshead Metro Centre, Glasgow, Harrogate, Hoxton Square (London), Leicester, Manchester Corn Exchange, Manchester Deansgate, Spitalfields, Store Street (London), Stratford upon Avon, Wandsworth (London), Westbourne Grove (London), Windsor and Worcester.
Byron operates from 67 leasehold restaurants across the UK. It holds a further nine non-operational leasehold sites including its head office in London.
The company needs to secure at least 75% creditor approval for its CVA. The creditors will vote on the CVA on 31 January 2018.
