- Byrons creditors approved a CVA plan on Wednesday.
- As many as 20 restaurants could close as a result.
- Britains casual dining sector is suffering from a nationwide consumer spending squeeze.
LONDON Creditors of stricken burger chain Byron have voted almost unanimously to approve a company voluntary arrangement (CVA), which could result in as many as 20 restaurants closing.
99% of the firms creditors voted in favour of the proposal on Wednesday, which was initially proposed on January 8. The CVA needed 75% approval to pass.
A CVA is a restructuring effort that will help Byron cut its bills, and will include the closure of a number of restaurants. The number to be closed has not …
Read the full article at: http://www.businessinsider.com/byron-could-close-20-restaurants-as-creditors-approve-cva-2018-1