It was reported at the end of June that Byron, which was owned by Three Hills Capital Partners, had filed a notice of intention to appoint administrators, having begun sounding out potential bidders for the business back in early May.
The group had hired KPMG to explore its options back in March, having had to temporarily close its entire estate as a result of the Coronavirus pandemic.
Last Friday (31 July), Byron entered administration, with Will Wright and Steve Absolom from KPMG’s Restructuring practice appointed.
Following their appointment, the joint administrators sold the brands and certain assets of the group to a newco owned by investment company Calveton UK Limited, with Three Hills Capital Partners taking a minority stake.
The deal will allow 20 sites to continue to trade, with 551 employees transferring to the new owner.
However, Byron's other 31 sites will remain closed permanently, having not reopened since the start of the Government-mandated Coronavirus shutdown.
The joint administrators have confirmed 651 staff redundancies as a result of these closures.
“Byron is a pioneering brand much loved by customers across the UK," says Sandeep Vyas of Calveton.
"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.”
Byron previously underwent a financial restructuring in 2018, which saw it close 19 struggling restaurants; a process that was also overseen by KPMG.