Burger chain Byron has been sold out of administration in a deal that will see 20 of its 51 sites continue to trade.
The closure of 31 sites will result in 651 redundancies, with 551 employees transferring to the new owner, a newco sitting under investment company Calveton. A minority stake in the newco is owned by the company's existing investors.
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.
"We will continue to bring Byron's great-tasting food to customers in restaurants and via digital on-demand platforms, whether they are at work, home or on the high street and we look forward to working with the team."
Will Wright and Steve Absolom from KPMG had been appointed joint administrators on 31 July 2020.
Wright said: "In common with so many other companies across the leisure and casual dining industries, the impact of the Covid-19 pandemic on Byron has been profound. After exploring a number of options to safeguard the future of the business and following a competitive sales process, this transaction ensures Byron will continue to have a presence on our high streets."
Absolom added: "It is always a regrettable outcome when hard working people lose their jobs and so our focus now will be on providing those employees affected by redundancy with the support they need at this difficult time."