Byron secures £12m funding for growth

By Mark Wingett

- Last updated on GMT

Byron secures £12m funding for growth

Related tags: Finance, Scotland

Byron, the Tom Byng-­led better burger group, has secured a new £12m banking facility, which will aid its goal of reaching 100 restaurants in the next three years, according to BigHospitality's sister site MCA.

The 65­-strong group said the new facility, which is funded jointly by Santander and Royal Bank of Scotland’s Corporate, and runs until 2021, is in addition to existing arrangements and will provide capital to support its future growth plans as it continues its national roll-­out.

Launched in Kensington High Street in 2007, the company now employs 1,800 people in 65 restaurants throughout the UK.

The Hutton Collins-­backed chain recently further strengthened its openings pipeline, with sites lined up in Richmond, Windsor and Birmingham.

In terms of a confirmed pipeline for 2016/17, the group has so far secured openings in Southampton, Farnham, Watford, Bath, Chelmsford, Harrogate, Ipswich, Reading and Worcester.

It has also secured an opening in Eastbourne’s Arndale Centre for 2018, alongside Nando’s, Wagamama and ASK Italian.

Byng said: “Santander and Royal Bank of Scotland have proved to be supportive partners over the past two and a half years, during which the business has nearly doubled in size. We are delighted to continue this partnership with a new funding package which will support our ambitious growth plans.”

Gary Nutley, head of Corporate Transactions London and South at Royal Bank of Scotland said: “The funding deal will assist [Byron] with plans to expand their premium hamburger restaurants across the UK and help to achieve a target of 100 restaurants by 2019. This is an exciting period for the business and we are pleased to work in partnership with them.”

Andrew Tully, head of Structured Finance, Financial Sponsors, London at Santander, said: “We’re delighted to be extending our support to Byron to allow the management team to take one of the UK’s most loved premium hamburger brands to a wider national audience.

"This deal represents an increase in funding levels and reinforces Santander’s commitment to the branded casual dining sector. We look forward to working with the management team in this next phase of growth.”

Related topics: Business, Venues, Restaurants, Dining trends

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