George Osbornes favourite burger chain is expected to close at least 15 restaurants under a restructuring plan.
Byron, where the burgers are as posh as the former chancellor, has 67 restaurants plus nine non-operational leasehold sites, but it has struggled in a competitive market.
It has submitted proposals to its landlords and other creditors seeking a cut to its rental obligations under a company voluntary arrangement. The CVA, which requires 75 per cent creditor approval, would enable it to press ahead with a financial restructuring valuing the business at £48 million less than half the £100 million paid in 2013 by Hutton Collins, which will sell half its holding to Three Hills Capital Partners, an existing investor.
Mr Osborne was…
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