Las Iguanas restaurant chain operator, Iguanas Holdings Limited, has successfully avoided administration through the approval of a rescue plan by a High Court judge. The company, which operates 44 Las Iguanas eateries across the UK, faced the possibility of administration if the restructuring plan did not receive the green light.
During the court hearing, legal representatives for Iguanas Holdings Limited highlighted the vital financial backing provided by its parent company, The Big Table Group, which also owns popular chains like Frankie & Benny’s and Bella Italia. The majority of creditors endorsed the restructuring plan, resulting in the elimination of approximately £37 million in debts owed to one creditor. Additionally, The Big Table Group committed to injecting £3 million into the firm as part of a comprehensive “turnaround strategy.”
The approved plan includes the imposition of reduced rents on landlords and the negotiation of debt compromises with them. Mr. Justice Meade sanctioned the scheme at the conclusion of the hearing held in London.
Ryan Perkins, representing the company, emphasized the challenges faced by the UK casual dining industry due to factors such as high inflation, reduced consumer spending, and increased taxes. Despite efforts to enhance the Las Iguanas menu and customer experience, trading conditions remained exceedingly tough, leading to a loss of nearly £10 million for Iguanas Holdings in the 2025 financial year.
In a previous hearing, Mr. Perkins warned that without the plan’s approval, the company would face financial collapse. While some creditors opposed the plan, none contested its sanctioning in court, acknowledging the absence of superior alternatives. The restructuring initiative mirrors strategies adopted by various high-street chains in recent years, such as Poundland, River Island, and Revolution Bars.