Byron has hired KPMG to explore options for accessing emergency funding and to shore up its balance sheet, Sky News reports.

The 51-strong group is one of many companies understood to be assessing their eligibility for the various government aid schemes unveiled by the Treasury to help fight the impact of the coronavirus crisis.

Sky News reports the brand wants to put the majority of its staff on furlough leave and access the coronavirus job retention scheme.

It is not clear if companies like Bryon and others in hospitality will be able to access the £330bn Covid Corporate Finance Facility established to provide cheap loans as many do not have investment-grade credit ratings.

In a letter seen by MCA, Bank of England governor Andrew Bailey encouraged hospitality businesses without a credit rating to apply for the scheme via their banks, which can help establish if the company is equivalent to investment grade.

Some have told MCA the scheme is “not all it is cracked to be”, as banks are asking for personal guarantees and tangible assets to fulfil the loans.

Byon CEO Simon Wilkinson told Sky: “In common with most businesses in the sector we are actively exploring the recently announced government support initiatives and have engaged KPMG to help with this.”