The chain operates 67 sites across the UK including those at Manchester’s Corn Exchange, on Deansgate, and in Piccadilly Gardens, and another in Liverpool ONE.
Twenty sites are understood to be facing possible closure as part of the restructure being carried out by KPMG. The rescue plan also involves cutting rent payments at other outlets.
Will Wright, restructuring partner at KPMG, said: “Over the last 10 years, Byron has grown to become a stand-out name within the UK’s casual dining sector.
“However, in recent times, certain parts of its portfolio have not met expectations, and with gathering economic headwinds starting to impact the sector more profoundly, the directors embarked upon a strategic review of the business as a means of safeguarding its long-term future.
“As part of this strategic review, the directors have been successful in negotiating a financial restructuring with the company’s lenders and shareholders, which will enable new investment to come into the business.
“Completion of this financial restructuring is conditional on the approval of the CVA proposal, which is designed to tackle the cost of the company’s leasehold obligations across its UK restaurant portfolio.
“As with similar CVAs, this arrangement seeks to strike a balance which provides a fair compromise to landlords, while allowing the viable part of the business to move forward across a smaller, more profitable core estate.
“It’s important to stress that no restaurants will close on day one, and employees, suppliers and business rates will continue to be paid on time and in full.”
The company needs to secure at least 75% creditor approval for its CVA. The creditors will vote on the CVA on January 31.