Hutton Collins Partners LLP, a leading provider of preferred and equity capital, has backed the management of Byron Hamburgers Ltd, the UK burger chain which operates 34 restaurants, in a transaction worth £100m – giving each site a present value of close to £3 million.
Byron is believed to considerable potential for expansion beyond the 45 sites expected to be opened by the end of 2014 – and the rate of expansion may well accelerate under its new owners.
Founded in 2007 with a mission to deliver the perfect hamburger to the UK market, Byron 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.
Tom Byng, Chief Executive of Byron, commented:
“We are hugely excited to welcome Hutton Collins as our partners for the next stage of the Byron journey. Their passion and understanding of our brand, together with their long experience of building businesses in the casual dining sector, will prove invaluable as we move forward in our quest to turn the UK into a nation of ‘proper hamburger’ lovers.”
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 hamburger experience to many more diners across the UK. This transaction complements Hutton Collins’s long experience of generating attractive investment returns in the casual dining and leisure sectors.”