Byron has been a staple on many British high streets with its specialty burgers, but a new takeover has meant that its seven remaining shops will keep its doors open – for now
One of Britain’s most stable high street restaurants has been saved from total collapse thanks to a multimillion pound deal. However, the deal means that dozens of restaurants will have to close.
Byron has already suffered two different collapses in the past ten years as it has struggled to stay afloat. But now the high street staple has been saved from a third collapse after its previous owners filed for administration.
The deal, struck for a whopping £2.5million, will mean that the remaining seven of Byron’s restaurants will be able to keep their doors open. However, many have been shut, with hundreds of jobs already being lost as a result.
The restaurant chain, known for its “posh patties”, according to the Sun, has seen its dominance come to an abrupt end, after it went from 65 branches to just seven. Now, the remaining restaurants have been bought by investment firm Niyamo Capital.
The deal now means that the chain could see some light at the end of the tunnel after it has been hit with continuous problems and soaring costs. Coupling this with the Covid pandemic and several controversies that have mired its reputation.
A total of 58 branches have since shut down since the chain first ran into issues back into 2016, meaning hundreds of jobs have been lost as the company tried to keep itself going. Now Niyamo Capital – led by Akshat Tibrewala – now owns a majority stake in the business.
In a statement, Tibrewala said: “What we essentially want to do with Byron is look at the identity – proper hamburger, good-quality meat and British brand origin – and rebrand it for new consumer tastes and preferences. Whether that be smashed [burgers] or different concepts that are relevant nowadays.”
Akshat has already eyed up new opportunities to grow the brand, taking it to Dubai to capitalise on a new market. But despite the dying spread of the bougie burger joint, the business is still thriving, managing to bring in as much as £11million each year in revenue.
Speaking to the Sunday Times, Tibrewala added: “We saw that the fundamentals of the business are good. When we looked at the numbers, we figured that with some operational efficiencies and some cost reductions, we can get this across into the green.”
Byron first burst onto the scene back in 2007, and soon earned a reputation for their luxury take on the barbecue basic. At its peak in 206, the business was turning over as much as £80million a year, with 65 branches up and down the UK.
However, the shop did prove to have its own controversies, after then-Chancellor George Osbourne caused a furore when he tweeted a picture of himself eating a Byron burger just hours before bringing in £11.5billion in welfare cuts in 2013. Then, in 2016 was hit with another scandal after a raid by immigration police found 35 workers being deported from the UK.
The business then collapsed in 2020 amid the pandemic, taking its number of branches from 51 to 21. The second collapse happened just three years later when it struggled to recuperate its costs, bringing its branches down to just seven by 2025.
For the latest breaking news and stories from across the globe from the Daily Star, sign up for our newsletters.
#Major #fast #food #chain #saved #multimillion #pound #takeover #dozens #branches #shut
