Byron, the Gondola-owned gourmet burger chain, has reportedly been taken off the market after potential buyers failed to match its c£100m asking price.
The Times reports that Gondola will now focus on expanding the 34-strong business.
The newspaper quotes an “insider” saying: “It has become clear that bidders were not going to reach a value that fairly reflected such a high quality, high-growth business.”
It’s understood that up to five private equity firms were involved in the second round of bidding for the Tom Byng-led chain. According to The Times, Lord Rothschild’s RIT Capital Partners, TDR Capital and Searchlight Capital were among the interested parties.
Gondola hired advisers DC Advisory to examine its options for Byron late last year. First round bids took place in May.
Byron opens its 34th site today (Friday) in Liverpool. Recent openings have included at the former Pesto restaurant in Deadsgate, Manchester, and at Beak Street in London’s Soho.
