RCapital, the former owner of Little Chef, and Boparan Restaurant Group (BRG), the owner of Giraffe and Ed’s Easy Diner, have both distanced themselves from the current sales process for Byron, the struggling better burger chain.
Representatives from both companies told MCA that although they had run the rule over the business, neither had taken that interest any further.
MCA understands that Santander, Byron’s banking partner, is now in control of the process, which is being led by KPMG, with the c65-strong business valued at between £15m-£25m.
It is thought that any successful bidder would have to consider jettisoning around third of the Hutton Collins-backed group’s current estate.
Luke Johnson and Endless have also been linked with showing an interest in the chain, which Hutton Collins acquired for c£100m in October 2013.
It was thought that a sale of Byron could take place before the end of the year, after the process to find a new owner of the c70-strong chain was understood to have been sped up.
It was reported last month that KPMG, which has been advising Byron since early this summer, had given putative bidders a fortnight to make an offer for the business.
The group posted EBITDA before pre-opening costs of £11.6m for the year to June 2016. However, it is thought that its current run-rate EBITDA is closer to £3m.
Byron closed four under-performing stores earlier this year.