Following the successful approval of Byron’s Company Voluntary Arrangement ("CVA") by the nearly unanimous vote of Byron’s creditors, the company will be able to exit 15 to 20 underperforming restaurants. This will allow Byron to refocus its efforts on its core profitable estate, and represents an important milestone in the repositioning of the company.
As part of the restructuring process, Three Hills Capital Partners will become the majority shareholder of the business.
With the object to foster its brand and strategy Byron is also pleased to announce that Hannah Colman Polli has been appointed as a Member of the Board of Directors. Mrs Colman Polli is a key member of the leadership team of Jimmy Choo and has been a signiﬁcant contributor in building the company into the highly successful Global Luxury brand it is today.
Simon Cope, CEO of Byron said: “We are all very excited by the opportunity to work with Three Hills in building Byron back to its former glory, we are embarking on a great journey with which we see exceptional opportunities. The Byron brand is a much loved business and with the right support we will be very successful.”
Mauro Moretti, founder and Managing Partner of THCP said: “We believe Byron is a powerful brand which lost its innovative DNA in a very competitive market. It is perceived by customers as a positive brand and this was a key factor for our decision to work on its repositioning. We are backing a young and energetic management team led by Simon who has our support in designing the new course of the business where we will not be shy in reading how customer’s tastes and trends have changed in recent years. We will also work on the international expansion of the brand.”
Byron is an innovative, fast growing, high quality, premium burger chain operating in a niche segment of the UK casual dining market. The Company was founded in 2007 with two sites and has now 70 sites as of December 2016.
For more information, please visit www.byronhamburgers.com