gunnercooke aids Byron rescue deal
August 3, 2020
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Law firm gunnercooke has advised on a deal, completed 31 July, that saw high-street burger chain Byron bought out of administration, allowing 20 of the company’s 51 restaurants to continue trading and saving 551 jobs across the UK.
The team, led by gunnercooke partner Nick Ducker, acted on behalf of Calveton UK Limited who bought the brands and certain assets of Byron Hamburgers Limited following the appointment of joint administrator Will Wright and Steve Absolom of KPMG.
Nick Ducker, partner at gunnercooke, commented: “These are incredibly tough and uncertain times for the whole hospitality sector and, like so many other restaurant businesses, Byron has been badly affected by the lockdown.”
“Against this backdrop, we are pleased to have been able to bring together a large number of stakeholders within very tight timescales to come to an agreement that safeguards the future of the business and allows some, though sadly not all, of its employees to be kept on.”
A total of 31 sites which have been closed since lockdown measures were introduced in March are not included in the scope of the transaction and will not re-open. The joint administrators have confirmed 651 staff redundancies as a result of these closures.
Sandeep Vyas of Calveton said: “Byron is a pioneering brand much loved by customers across the UK. We are backing Byron because we believe it has great opportunity ahead of it, and it is well placed to adapt to the new consumer environment and dining trends. We will continue to bring Byron’s great tasting food to customers in restaurants and via digital on-demand platforms, whether they are at work, home or on the high street and we look forward to working with the team.”
You can read more about this deal on Insider Media HERE.