More than 200 jobs are to be axed by the owner of Byron Burger as it confirmed plans to shut nine of its restaurants after falling into administration.
A total of 218 roles are to be cut by Famously Proper, which owns Byron and fried chicken brand Mother Clucker, as a result of the closures.
Private equity firm Calveton rescued Byron from a previous administration in 2020 following the impact of the pandemic.
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Administrators from Interpath Advisory were appointed on Friday and immediately confirmed the company has been sold in a pre-pack administration to Tristar Foods, a new company linked to Calveton.
Claire Winder and Chris Pole, joint administrators for the company, said the remaining 12 sites and 365 jobs will transfer to the buyer.
Famously Proper’s collapse was blamed on rises in costs, such as food and utilities, as well as a reduction in consumer spending due to the current cost-of-living crisis.
The insolvency experts said they explored a number of options aimed at securing the company’s future but turned to administration after no solvent bids were made to buy the business.
Ms Winder, managing director at Interpath and joint administrator, 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 Byron name continue to trade on high streets across the country and which, importantly, has preserved a significant number of jobs.”
The administrators stressed that they will be “providing support to those impacted by redundancy, including providing the information required to make claims from the Redundancy Payments Office.”
The sites set to close are:
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