Byron Hamburgers appoints administrators
British burger chain Byron filed a notice to appoint administrators from KPMG on Monday, making it yet another in a long line of restaurant groups to find itself in a pickle as a result of the Covid-19 pandemic.
The move by Byron, which employs around 1,200 people across the UK, was designed to provide it with protection from creditors as it holds in-depth discussions as part of an effort to flip the group to one of three potential buyers.
According to Sky News sources, Byron's board was confident of inking a deal over the next few weeks, with the likeliest outcome being a pre-pack administration.
Byron, like many other hospitality businesses Prezzo, Wahaca, Wasabi, seems to have found that support given to it under the Treasury's emergency loan schemes had failed to cut the mustard, leading to warnings from industry heads that the coronavirus pandemic would lead to hundreds of thousands of job losses.
Restaurant groups have been granted a one-year business rates holiday, as well as VAT deferral and access to a separate grant scheme depending on the rateable value of the companies' properties.