Gourmet burger chain Byron could be set to shut some of its restaurants in an effort to shore up its financial position.
And it has been confirmed that the outlet in Intu Derby is one of the 20 that could be closed.
Accountancy firm KPMG has been called in by the troubled burger business to help it review its finances – and has said that around 20 restaurants at risk of closure after putting forward a restructuring package.
According to KPMG, it will carry out a proposed company voluntary arrangement (CVA) at Byron.
A CVA is a legally binding agreement with a company’s creditors that allows a proportion of debt to be paid back over time. Creditors vote on whether to accept the terms of the agreement.
Intu Derby shopping centre in May, 2015, next to the food court.
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Mr Wright added: “As part of this strategic review, the directors have been successful in negotiating a financial restructuring with the company’s lenders and shareholders, which will enable new investment to come into the business.
“Completion of this financial restructuring is conditional on the approval of the CVA proposal, which is designed to tackle the cost of the company’s leasehold obligations across its UK restaurant portfolio.
“As with similar CVAs, this arrangement seeks to strike a balance which provides a fair compromise to landlords, while allowing the viable part of the business to move forward across a smaller, more profitable core estate.”
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This content was originally published here.