Las Iguanas restaurants’ operating company has been rescued from potential administration following the approval of a rescue plan by a High Court judge. Iguanas Holdings Limited, which operates 44 Las Iguanas restaurants across the UK, faced the threat of administration if the restructuring plan was not accepted. The company received crucial financial support from its parent company, The Big Table Group, which prevented it from collapsing.
The approved restructuring plan, supported by the majority of creditors, will eliminate approximately £37 million in debts owed to one of Iguanas Holdings’ creditors. Additionally, The Big Table Group will inject £3 million into the company as part of a comprehensive “turnaround strategy.” The plan includes reducing rents for some landlords and negotiating compromises on certain debts owed to them.
The scheme was sanctioned by Mr. Justice Meade at the conclusion of the hearing in London. Ryan Perkins, representing the company, highlighted the challenges faced by the UK casual dining sector, citing 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 difficult, leading to a substantial loss of nearly £10 million in the 2025 financial year for Iguanas Holdings.
Mr. Perkins emphasized that without the approved plan, the company would face financial insolvency. While some creditors opposed the plan, none contested its approval in court. The restructuring plan was likened to those implemented by other high-street chains in recent years, such as Poundland, River Island, and Revolution Bars, according to Perkins.