Nine Byron sites set to close as Famously Proper secures rescue deal

13-Jan-2023 - Last updated on 13-Jan-2023 at 16:10 GMT

Byron owner Famously Proper is to permanently close nine restaurants with the remaining 12 to transfer to Tristar Foods Limited under a pre-pack administration deal.

The group, which also owns the Mother Clucker fried chicken brand, filed a notice of intention to appoint administrators earlier this month, with Claire Winder and Chris Pole from Interpath Advisory appointed today (13 January).

It comes after the group appointed Interpath Advisory to review its options back in November.

Interpath said it explored a number of options to safeguard the future of the business, but no solvent offers were forthcoming.

Immediately following their appointment, the joint administrators concluded a sale of the business and certain assets to Tristar Foods Limited. A total of 12 sites will transfer to the newco as part of the transaction, safeguarding approximately 365 jobs.

However, nine sites will close with immediate effect, resulting in 218 redundancies. They include Byron's Wembley restaurant, which only opened in the summer of 2021 and represented the group's first launch in five years.

As a matter of priority, the joint administrators will be providing support to those impacted by redundancy, including providing the information required to make claims from the Redundancy Payments Office.

Winder said: “Like many other companies across the hospitality sector, Byron had seen a boost in trading following the end of the Covid lockdown measures. However, the sky-high inflation seen in 2022 saw costs spiral and resulted in reduced customer spend, which in turn placed significant cashflow pressure on the business.

“We are pleased to have concluded this transaction which will see the Bryon name continue to trade on high streets across the country and which, importantly, has preserved a significant number of jobs.”

The news marks the third time in less than five years that the Bryon brand has undergone a restructuring.

The group, which was generating annual sales of £90m from more than 70 restaurants at its peak, was acquired by Famously Proper from pre-pack administration in the summer of 2020 through private equity firm Calveton UK Limited.

It previously underwent a Company Voluntary Agreement (CVA) in 2018 that resulted in the closure of almost a third of its estate.