CLOSURE THREAT
Major burger chain ‘to close half of restaurants’ under plans to save it from going bust
A MAJOR burger chain is said to be closing the doors of half its restaurants in new plans to save it from going under.
Byron is set to close around 10 of its 21 remaining sites, according to Sky News.
1
It comes as part of a pre-pack administration arranged by its owner Calveton.
A deal with administrators at Interpath Advisory is said to be on the cards and could be agreed this week.
A pre-pack administration is an insolvency process for a business to sell its assets before appointing administrations.
It means that the business can still continue to operate - but often involves closing of branches and staff job cuts.
READ MORE IN MONEY
It is unclear at the moment how many jobs could be cut in this latest round of restructuring.
The chain, which was founded in 2007, first collapsed back in 2020 in the midst of the pandemic.
It hired administrators in the summer of 2020.
It was sold to Calveton, a private investment firm - but only 21 of Byron's 51 branches stayed open.
Most read in Money
The move also saw over 600 jobs axed.
Further popular chains including Las Iguanas, Cafe Rouge and Bella Italia also fell victim to the pandemic.
The Sun contacted Calveton for comment.
Your rights in redundancy
Companies can choose to cut their workforce and employees should understand their rights.
You are entitled to statutory redundancy pay, but only if you have worked at your job for two years or more.
The statutory rate is based on your age, weekly pay and number of years in the job.
You will get:
- Half a week’s pay for each full year you worked aged under 22
- One week’s pay for each full year you worked aged 22 or older, but under 41
- One and half week’s pay for each full year you worked while aged 41 or older.
But it's capped at 20 years and the max redundancy pay you can get is currently £16,320.
Some companies may offer to pay more than the statutory amount. This will usually be in your contract.
READ MORE SUN STORIES
Plus, you are still entitled to any pay you are owed for untaken holiday days at the end of your notice period.
The government has a how much you are owed.
Do you have a money problem that needs sorting? Get in touch by emailing [email protected]
Topics