Byron burger stores face CLOSURE with HUNDREDS of jobs at risk

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Byron burger stores face CLOSURE with HUNDREDS of jobs at risk

HUNDREDS of jobs are under threat at burger chain Byron as the company put a string of restaurants at risk of closure.

The burger joint is looking to a rescue plan as it struggles to stay afloat.

Byron is going after a Company Voluntary Agreement (CVA) to secure big discounts on rental costs.

If it is approved, 51 Byron sites will have their rental costs kept the same and five will have their rents reduced by a third.

A further 20 would have their rent cut by 45% for six months as Byron holds crunch talks with landlords.

KPMG – the accountancy firm handling the process – said no restaurants will close on day one and employees will be continued to be paid in full.

Will Wright, restructuring partner at KPMG, said: “In recent times, certain parts of its (Byron’s) portfolio have not met expectations, and with gathering economic headwinds starting to impact the sector more profoundly, the directors embarked upon a strategic review of the business as a means of safeguarding its long-term future.”

The chain employs around 1,800 people and has 67 leasehold restaurants across the UK.

Its chief executive Simon Cope said: “Byron’s core restaurants 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 be able to continue providing our customers with the best burger experience.”

Byron will need 75% backing from creditors if the CVA is to succeed on January 31.


Daily Star Sunday