Ailing burger chain Byron has grabbed a £10m lifeline as it battles to improve trading after a bruising year in which it had to close 19 sites.
In a sign that the company is struggling to move on from a deal struck with landlords to cut rents and close branches, existing investors have pumped in more cash. The injection will allow Byron to refurbish restaurants in an attempt to lure back diners.
The fundraising comes less than 12 months after Byron secured £34.5m from private equity firm Three Hills, an existing backer that became the controlling shareholder as part of the restructuring. Three Hills, run by Mauro Moretti, also backs the posh wellies maker Hunter.
