The Gondola Group has agreed to sell its fast-growing Byron brand to private equity group Hutton Collins, for a consideration of £100m.
Byron’s highly experienced management team, led by Tom Byng, will remain with the 34-strong business, which has a number of new sites in the pipeline. Hutton Collins has already indicated that it believes the brand could open 10 sites a year and eventually grow to over 100 units.
It has secured sites in Leeds, Milton Keynes, Shoreditch, London’s Langham Place, Hammersmith and the Strand for upcoming openings.
The sale comes only months after the group was taken off the market due to price expectations not being met.
Harvey Smyth, chief executive of Gondola Group, whioch founded Byron in 2007, said: “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, said: “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 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.”