British burger chain Byron has reached a deal to sell itself and, in the process, is permanently closing over half of its 51 outlets and cutting 651 jobs, the company's administrators have said.
Under the rescue deal, the remaining 20 sites and 551 staff will transfer to a new owner, Calverton UK, according to the e-mailed statement.
Ensures A Continued Presence
"After exploring a number of options to safeguard the future of the business and following a competitive sales process, this transaction ensures Byron will continue to have a presence on our high streets," said Will Wright, an administrator at KPMG who sold the chain.
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No financial details of the deal were disclosed, but the administrators said that Byron's existing investors will take a minority stake in the business.