Upmarket burger chain, Byron Burger has filed a notice of intention to appoint administrators according to Sky News. KPMG, the accountancy firm, has been running a sale process since early May.
The company now has about two weeks to find a buyer or alternative finance to save the business.
It is understood that there are three potential bidders, and it's likely that the company will be sold in a pre-pack administration
The group has a turnover of more than £45m but does not have a good credit rating, As such, it has not been eligible for the £330bn Covid Corporate Finance Facility established to provide cheap loans for larger businesses.
The company completed its Company Voluntary Arrangement that allowed it to cut its stores to just 51 but it still employs 1,200 people. The CVA was also done by KPMG.
Sky said an inside source said Byron intended to begin a phased reopening of its 51 UK restaurants from the middle of July.