Casual dining chain, Byron is to permanently close 31 restaurants with the loss of 651 jobs, despite the business being rescued from administration.
The restaurant chain is to shut more than half of its 51 sites after becoming the latest dining firm to be financially hit by the pandemic.
Administrators at KPMG said that the company and certain assets have been sold to newly-formed company, Calveton, in a move which will protect its 20 remaining sites and 551 employees.
Sandeep Vyas of Calveton said, 'Byron is a pioneering brand much loved by customers across the UK. 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.'
Vyas added that the new investors would look to boost the chain's digital on-demand platforms.
Under the deal, Byron Burger's existing investors will take a minority stake in the business, KPMG said.
Founded in 2007, Byron has been struggling for a number of years. In 2018 it agreed a rescue plan and restructuring which was handled by KPMG. As part of that deal, investment house Three Hills Capital Partners became the biggest shareholder.