UK burger restaurant chain, Byron Burger, has proposed a company voluntary arrangement (CVA) with its creditors in a bid to restructure the company's finances and rescue the business.
The creditor vote is due to take place on 31 January, with the CVA requiring at least 75% creditor consent for approval. The company is understood to be in talks with creditors and the proposed CVA is thought to be centred around the closure of underperforming restaurants and rent reductions at other branches.
After a period of rapid expansion, the burger chain has been struggling with rises in inflation and the popularity of food delivery companies.
Ashfords' Take: Another well-known UK brand falls victim to the rise in rental costs and the popularity of online ordering.