Las Iguanas, a chain of restaurants, has been rescued from potential administration with the approval of a restructuring plan by a High Court judge. The company, Iguanas Holdings Limited, which operates 44 Las Iguanas establishments in the UK, faced the risk of administration if the plan was not accepted. Financial support from its parent company, The Big Table Group, known for brands like Frankie & Benny’s and Bella Italia, played a crucial role in keeping the company afloat.
The approved restructuring plan, backed by the majority of creditors, will eliminate debts totaling approximately £37 million owed to one creditor of Iguanas Holdings. Additionally, The Big Table Group will inject £3 million into the firm as part of a turnaround strategy. The plan includes reducing rents on some properties and compromising certain debts owed to landlords.
The scheme received final approval from Mr. Justice Meade in a London court session. Ryan Perkins, representing the company, highlighted the challenges faced by the casual dining sector in the UK due to factors like high inflation, reduced consumer spending, and increased taxes. Despite efforts to enhance the Las Iguanas menu and customer experience, trading conditions remained tough, resulting in a significant loss of nearly £10 million for Iguanas Holdings in the 2025 financial year.
Mr. Perkins emphasized that without the approved plan, the company would face financial depletion. He noted that no creditors present in court opposed the plan, and there were no alternative or superior proposals put forward. The restructuring plan is likened to similar strategies seen in other high-street chains such as Poundland, River Island, and Revolution Bars in recent times.
