Gondola Group has sold its upmarket burger chain Byron for £100m to investment firm Hutton Collins, despite reporting in June that it would stall the sale having not attracted the asking price of £100m.
Potential buyers of Byron at the beginning of the year included TDR Capital, RIT Capital and Searchlight Capital, all of who were not convinced of the asking price.
The chain, which was founded by Tom Byng in 2007, now has 34 sites and is focusing on its expansion outside of London. Byron’s management team, including Byng, will all remain in place.
Byron generated earnings before interest, taxes, depreciation, and amortisation (Ebidta) of £6.9m in the year to March 31.
Harvey Smyth, chief executive of the Gondola Group, which also owns brands including Pizza Express, said: 'Byron has gone from strength to strength since we launched it in 2007. Its passion and innovative approach have already positioned it as an important brand in the casual dining market, with exciting opportunities to continue to grow throughout the UK. The team at Byron have done a fantastic job and they leave The Gondola Group with our thanks and best wishes for the future.'