Byron will continue to trade from 20 of its 51 restaurants following its acquisition by investment company Calveton.

Following the deal, which was completed through a pre-pack administration on Friday (31 July), it has been revealed that the new company will be led by existing Byron CEO Simon Wilkinson, trading under the new name ‘Proper Brands.’

As a result of the 31 expected site closures, just 550 of Byron’s 1,200 employees will be retained, with 650 jobs lost.

It is understood that Calveton will own a majority of Byron’s new parent company, with existing investors Three Hills Capital Partners holding a minority stake.

“Byron is a pioneering brand much-loved by customers across the UK,” said Sandeep Vyas, Calveton co-founder. “We are backing Byron because we believe it has great opportunity ahead of it, and it is well-placed to adapt to the new consumer environment and dining trends.

“We will continue to bring Byron’s great-tasting food to customers in restaurants and via digital on-demand platforms, whether they are at work, home or on the high street and we look forward to working with the team.”

Will Wright and Steve Absolom of KPMG were appointed to oversee the process.