A BURGER restaurant in George Street in Oxford is the second in the street to reveal it is experiencing financial difficulties.

Last week Jamie's Italian, which opened the first branch in the chain in the street in 2008, revealed it has entered into a company voluntary arrangement with creditors as it tackles debts of about £60m.

Twelve out of 37 Jamie's restaurants in the UK are to close but the George Street branch is not one of them.

Now it has been revealed that Byron, a burger chain which also has a restaurant in the street, has agreed a company voluntary arrangement with creditors.

Byron has 67 restaurants across the UK and 20 are at risk of closure, but the George Street branch, which opened in 2012, is not one of them.

Oxford retail expert Keith Slater said increasing competition had made life more difficult for chains, with Five Guys opening in nearby Magdalen Street last year and acting as a rival for more established eateries such as Byron.

He said: "Jamie's Italian and Byron are both good chains and I expect their restaurants in George Street to survive.

"They are in a good position in the city centre and when the tourist season kicks in around Easter they will benefit from an increase in footfall.

"It is a very competitive market and Byron in particular faces direct competition from Gourmet Burger Kitchen in the same street and from Five Guys around the corner."

Mr Slater said he expected the mix of offices and restaurants in George Street to continue.

He said: "Rents and rates are not cheap and restaurant chains need to negotiate the best possible deals they can with their landlords.

"I'm a big fan of the Jamie's Italian chain and I even go there when I'm abroad - I have eaten pasta and pesto at their restaurant in Moscow a few times."

Last year Oxford City Council announced it was looking to spend £9.75m to knock down and rebuild 1-5 George Street with the intention of securing much higher rents from tenants in the future.

Franco Manca pizza restaurant, close to the Cornmarket Street end of George Street, opened in August and has been a hit with diners, who can often be seen queuing out of the door for a table.

Will Wright, restructuring partner at KPMG and joint supervisor of the Byron CVA, said: “The creditor vote in favour of the CVA proposal will allow Byron to conclude its previously negotiated financial restructuring and is a key step in the directors’ turnaround plan.

“As with all CVAs, more than 75 per cent of creditors had to vote in favour in order to pass the resolution."