Sale of Byron to Hutton Collins Partners
The Gondola Group and Hutton Collins today announce that they have reached agreement for funds managed/advised by Hutton Collins Partners LLP to acquire Byron Hamburgers Limited ("Byron"), the UK burger restaurant chain, for a consideration of £100 million.
Byron was founded by The Gondola Group in 2007 with a mission to deliver the perfect burger to the UK market. It has been highly innovative since conception with a proposition based around a simple menu of classic hamburgers. Its restaurants, which are individually tailored to each particular property, locality and customer audience, retain Byron's strong brand identity.
In six years, Byron has rapidly grown to 34 sites and has been successfully transformed from an emerging concept to a proven business with exciting prospects for further growth and a well-advanced pipeline of openings. Primarily focused on London, Byron has now expanded beyond the capital with strong openings being achieved in a number of key regional cities.
Byron's highly experienced management team, led by Tom Byng, will remain with the business.
Harvey Smyth, Chief Executive of The Gondola Group, commented:
"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."
Graham Hutton, Managing Partner at Hutton Collins, added:
"We are delighted to be investing in such a pioneering brand. Byron has a clear road map for growth and a talented team in place to deliver it. We are excited to be working with Tom Byng and the entire Byron team, and are looking forward to bringing the Byron burger experience to many more diners across the UK. This transaction complements Hutton Collins' long experience of generating attractive investment returns in the casual dining and leisure sectors."