Byron Burgers
UPDATE 1: Byron Burger Considers Options Available Under Updated Government Schemes With KPMG
Wed 04/22/2020 11:23 AM
UPDATE 1: 11:24 a.m. ET 4/22/2020: Byron's chief executive Simon Wilkinson said that "In common with most businesses in the sector we are actively exploring the recently announced government support initiatives and have engaged KPMG to help with this."
A person close to the company told Reorg that after the U.K. burger chain's CVA, the company didn’t have any external debt. It is working with KPMG to assess whether it can access any of the updated government aid packages.
Original Story 1:26 p.m. UTC on April 21, 2020
New Middle Market Coverage: Byron Burgers in Talks With Alternative Lenders to Tackle Liquidity Crisis; KPMG Advising
Relevant Document:
Hellespont Holdings Ltd. FY’18 Results
U.K.-based Byron Burgers is in talks with alternative lenders to address its urgent liquidity needs, sources said.
The group hired KPMG to advise on strategic options in January 2020 and the firm continues to advise the casual dining chain on the best options to see out the Covid-19 crisis, sources confirmed.
The company completed a restructuring on Jan. 31, 2019, when existing loan note holders exchanged £27.9 million of loan notes for 0.01p ordinary A shares, according to the Companies’ House report for holding company Hellespont Holdings Ltd.
The casual dining group was founded in 2007 by Tom Byng. The chain is owned by the private equity fund Three Hills Capital Partners, who purchased it from Hutton Collins in 2017.
As part of the restructuring £5.2 million of A shares and £5 million of shareholder loans were issued resulting in a cash injection of £10.2 million. The restructure required the fixed assets of Byron to be provided as security for indebtedness.
Byron has a turnover in excess of £45 million, according to a Sky News report, and completed a Company Voluntary Arrangement, or CVA, allowing it to reduce the number of its stores in 2018. KPMG advised on the CVA at the time.
Byron employs 1,200 people, the majority on average wage, Since furloughing employees, the group needs cash in order to top up beyond the 80% of the wages covered under the scheme.
Simon Wilkinson Byron's chief executive said that the casual dining sector is in a perilous position and the government will not be able to help all businesses.
A person close to the company told Reorg that after the U.K. burger chain's CVA, the company didn’t have any external debt. It is working with KPMG to assess whether it can access any of the updated government aid packages.
Original Story 1:26 p.m. UTC on April 21, 2020
New Middle Market Coverage: Byron Burgers in Talks With Alternative Lenders to Tackle Liquidity Crisis; KPMG Advising
Relevant Document:
Hellespont Holdings Ltd. FY’18 Results
U.K.-based Byron Burgers is in talks with alternative lenders to address its urgent liquidity needs, sources said.
The group hired KPMG to advise on strategic options in January 2020 and the firm continues to advise the casual dining chain on the best options to see out the Covid-19 crisis, sources confirmed.
The company completed a restructuring on Jan. 31, 2019, when existing loan note holders exchanged £27.9 million of loan notes for 0.01p ordinary A shares, according to the Companies’ House report for holding company Hellespont Holdings Ltd.
The casual dining group was founded in 2007 by Tom Byng. The chain is owned by the private equity fund Three Hills Capital Partners, who purchased it from Hutton Collins in 2017.
As part of the restructuring £5.2 million of A shares and £5 million of shareholder loans were issued resulting in a cash injection of £10.2 million. The restructure required the fixed assets of Byron to be provided as security for indebtedness.
Byron has a turnover in excess of £45 million, according to a Sky News report, and completed a Company Voluntary Arrangement, or CVA, allowing it to reduce the number of its stores in 2018. KPMG advised on the CVA at the time.
Byron employs 1,200 people, the majority on average wage, Since furloughing employees, the group needs cash in order to top up beyond the 80% of the wages covered under the scheme.
Simon Wilkinson Byron's chief executive said that the casual dining sector is in a perilous position and the government will not be able to help all businesses.
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