We have helped secure the future of the well-known restaurant chain, Byron, by aiding client Famously Proper Ltd through a restructuring process.
A pre-pack administration deal was agreed and upon appointment of the joint administrators (Claire Winder and Chris Pole, both of Interpath Advisory) the immediate sale of the business and certain assets was concluded to Tristar Foods.
The deal saw 12 sites across the UK continue trading, including Liverpool, York and five London locations. Furthermore, 365 jobs were safeguarded, amounting to almost two-thirds of the original staffing numbers. We have worked with Famously Proper previously, and support was provided recently following the restaurant chain facing significant trading pressures.
Dan French, Partner at Gateley Legal, said: “Since the pandemic, recovery has been difficult for the retail and leisure sectors, which must now also negotiate cost increases associated with products, materials and utilities at a time when customer spending is low due to the cost of living crisis.
“This is why Famously Proper reached out to our team for support through a restructuring process. Having worked with the company before, we were happy to help once more, and in doing so were able to ensure hundreds of jobs remained alongside 12 sites that will continue to trade.”
The result is a testament to the Gateley Legal team who were approached in late November and worked over Christmas and New Year to ensure the deal was concluded mid-January. The team comprised of colleagues from multiple Platforms across the Birmingham and Nottingham offices, and included partners Dan French (Restructuring), and Andrew Macmillan (Employment), solicitor David Harris (Restructuring), and trainee solicitor Jaskiran Deol (Restructuring).