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Byron has reportedly filed a notice of intention to appoint administrators after it “teetered on the brink of financial collapse” following Covid-19.
According to Sky News, the burger chain is now looking to secure a takeover of the group, and is holding “detailed” talks with three unnamed potential buyers in a bid to sell off parts of its business.
The appointment of administrators would protect the business from a creditor takeover as discussions continue.
An insider told Sky News that a pre-pack administration was the “likeliest” outcome of these discussions, adding that Byron’s board is “confident” it can secure a deal within the next few weeks.
KPMG has overseen the sale process of the business, which employs 1,200 people, since early May, with no successful bidders as of yet.
The burger chain is the latest high street eatery to seek a takeover of its business, after the Azzurri Group was reportedly working alongside advisors in a bid to find a potential buyer earlier this month.
The parent group of Ask Italian and Zizzi, which is currently owned by private equity firm Bridgepoint, is in the process of contacting prospective bidders for the business.
According to reports at the time, KPMG was reportedly inviting offers for part or all of the business.
Catering Today has reached out to Byron and KPMG for comment.
