According to the Sky shushing report, “sources” said at the weekend that some prospective bidders were proposing to pay as little as £25m for the burger chain, significantly lower than the £100m price tag attached to Byron when it last changed hands in 2013.
Founder Tom Byng, who stepped down as CEO early this year, launched Byron in 2007 having been inspired by New York burger restaurants with an emphasis on provenance and meat quality. Byng’s message was to “serve simple, delicious hamburgers, made fresh from properly sourced British beef…paired with a craft beer or an extra-thick shake.”
There are currently 70 Byron restaurants however four under-performing stores were closed earlier this year.
Its highest-profile customer was George Osborne, who as the Chancellor attracted ridicule when he posted a picture of himself on social media eating a Byron burger during preparations for a Government spending review in 2013.