Burger chain Byron has been saved from bankruptcy this afternoon after it was bought by Calveton UK, with current investors taking a minority stake.
However, more than half of the popular high street restaurant’s stores and employees will be axed as a result of the deal.
Only 20 of Byron’s 51 restaurants will continue to trade, with 651 staff to be made redundant as a result of the closures.
The remaining 551 employees will transfer over to the new owners, administrator KPMG said in a statement.
During the coronavirus pandemic, the majority of Byron’s staff have been furloughed under the Coronavirus Job Retention Scheme.
Sky News first reported the deal, which was completed through a pre-pack administration process earlier this afternoon.
Sandeep Vyas of new owner Calveton said: “Byron is a pioneering brand much loved by customers across the UK.
“We are backing Byron because we believe it has great opportunity ahead of it, and it is well placed to adapt to the new consumer environment and dining trends.
“We will continue to bring Byron’s great tasting food to customers in restaurants and via digital on-demand platforms, whether they are at work, home or on the high street and we look forward to working with the team.”
The UK’s high street chains have been hammered by the coronavirus pandemic, with uncertainty over reopening, fears of a second wave and the requirement for social distancing causing a spate of bankruptcies.
In recent weeks, Casual Dining Group, the owner of Las Iguanas and Café Rouge, and Bella Italia-owner Azzurri Group have all fallen into administration.