Byron closes 10 restaurants as part of CVA plans
Burger chain Byron has closed 10 restaurants around the UK following its Company Voluntary Agreement (CVA) in January this year.
The CVA agreement, which was "overwhelmingly approved" by creditors in January, saw the brand announce the planned closure of around 20 restaurants as it struggled with a tough casual dining market and high business rates.
Byron's website has been updated to omit restaurants in:
- Queens Road, Bristol
- Manchester Deansgate, Manchester
- Camberley, Surrey
- Store Street, London
- Spitalfields, London
- Wandsworth, London
- Windsor, Berkshire
- Westbourne Grove, London
- Harrogate, North Yorkshire
- Hoxton Square, London
Others on the ‘at risk' list which haven't closed are in Leicester, Birmingham, Aberdeen and Derby.
In January Three Hills Capital Partners acquired a majority stake in Byron when private equity company Hutton Collins, which paid £100m for Byron in 2013 sold half of its holding.
Following the acquisition Simon Cope, CEO of Byron, said the restructured business would be "more suitable to the current economic headwinds" and planned to "make some critical and difficult changes to the size and shape" of the estate.
Regarding the closure of the 10 sites, he said: "Byron's core restaurant business and brand remain strong but the market that we operate in has changed profoundly. With the support of our new owners, our creditors, landlords and other business partners, I'm confident Byron will able to continue providing our customers with the best burger experience and grow a sustainable and innovative business for the long term."
Steve de Polo, former customer director of pub firm EI Group, is to start a role as Byron's new commercial and brand director next month. He will be responsible for leading the firm's marketing, menu development and supply chain functions.
Byron opened its first restaurant in 2007. It currently operates from 67 leasehold restaurants across the UK following the closure of several under-performing sites last year, including its restaurants at Manchester's Corn Exchange and the Metrocentre in Gateshead.
Byron has been contacted for comment, but was unavailable at time of publishing.
Byron hopes to bolster customer service with new director's appointment >>
Number of Byron restaurants to close as creditors approve CVA >>
