Struggling burger chain Byron has announced plans to close as many as 20 restaurants as part of a rescue plan.
The plan, approved by lenders and landlords, will enable the company to close some of its stores and pay cheaper rent on others as part of a company voluntary arrangement (CVA).
Simon Cope, Byron chief executive, said it would do “everything possible to redeploy staff to other sites and initiatives”.
The accounting firm handling the restructure, KPMG, said that no restaurants were set to close immediately and staff would continue to be paid.
The CVA, backed by 99 per cent of creditors, five Byron sites have their rents reduced by a third and a further 20 will have their rents reduced by 45 per cent for six months.
Mark Edwards, a partner at accountants BDO, told the BBC that Byron had hit difficulty because it had expanded too quickly.
"There is always a risk some of those sites will be marginal. However, the sector as a whole is struggling," he said.
"There are some operators that are more successful than others such as Honest Burger, which has a different take and is London-centric."
He also cited higher import costs, the National Living Wage, and the squeeze on consumer spending as factors adding pressure to the increasingly struggling restaurant business.
Other retailers have recently sought CVAs, including Jamie Oliver’s Jamie's Italian and Toys R Us UK.
