BYRON, the upmarket hamburger chain dotted around London’s square mile, is being touted to would-be buyers with a price tag of between £100m and £120m, after the chain boomed to healthy adjusted profits over the last six months.
The outfit, which is part of a stable of restaurants including PizzaExpress, Ask Italian and Soho institution Kettner’s owned by Gondola Holdings, has been given a price tag of about 10 times its adjusted earnings by the corporate advisers selling the business.
The 25-restaurant business is understood to currently rake in between £10m and £12m in adjusted earnings before interest, tax, depreciation and earnings. A sales process kicked off in November after private equity house Cinven, which owns Gondola Holdings, received interest in a sale. Accounts filed at Companies House show revenues at the chain surged 63 per cent to £28.6m in the 12 months ending July 2012, boosting pre-tax profits to £2.2m.