Byron hires advisers to assess funding options

By Sophie Witts contact

- Last updated on GMT

Byron hires advisers to assess funding options

Related tags: Casual dining, Restaurant, Burger

Burger chain Byron has hired KPMG to explore options for accessing emergency funding, Sky News reports.

The group, which now trades from 51 restaurants, is among many hospitality businesses assessing their eligibility for the various financial aid schemes set up by the government in the last two weeks. 

It is unclear if companies like Byron, which has a turnover of more than £45m but does not have an investment-grade credit rating, will be able to access the £330bn Covid Corporate Finance Facility set up to provide loans.

It is understood there is a government taskforce offering support to medium-sized companies which fall in the cracks between schemes to help small and large businesses with the impact of the coronavirus shutdown.

Byron underwent a financial restructuring in 2018​ which saw it close 19 struggling restaurants. This process was also overseen by KPMG.

Simon Wilkinson, Byron CEO, says in a statement: "In common with most businesses in the sector we are actively exploring the recently announced government support initiatives and have engaged KPMG to help with this."

KPMG declined to comment.

Related topics: Business & Legislation, Casual Dining

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