Byron rescue deal backed by creditors

The creditors of struggling burger chain, Byron, just backed a rescue plan which could keep some of the stores open longer.

The company voluntary arrangement (CVA) will allow the firm to get cheaper rent on some stores and close loss-making restaurants.

Under the restructuring package that was accepted today, as many as 20 outlets of the British restaurant chain could close. The rescue deal will take effect tomorrow.

However, KPMG said no restaurants will close immediately. The accountacy firm, which is handling the restructuring of Byron, further said that employees, suppliers and business rates would continue to be paid on time and in full.

Will Wright, restructuring partner at KPMG and joint supervisor of the CVA, said: “Today’s creditor vote in favour of the CVA proposal will allow Byron to conclude its previously negotiated financial restructuring and is a key step in the directors’ turnaround plan.”