Las Iguanas saved from administration after fears for his or her 44 websites
Iguanas Holdings Limited, which runs 44 Las Iguanas restaurants across the UK, would have “inevitably” entered administration if the restructure was not approved
Las Iguanas has been saved from entering administration (Image: Getty Images)
A major UK restaurant chains has been saved from the brink of collapse with the fate of all their 44 sites is still in doubt as “turnaround strategy” begins.
A plan to save the company which runs dozens of Las Iguanas restaurants from entering administration has been approved by a High Court judge.
Iguanas Holdings Limited runs 44 Las Iguanas restaurants across the UK, but it is unclear if any will be closed as part of a restructure. The company’s lawyers told a hearing on Friday (June 5) that the company was “heavily loss-making” and would “inevitably enter administration” if the restructure was not approved.
Ryan Perkins, for the firm, said it had been able to stay afloat only thanks to financial support from its parent company, The Big Table Group, which also owns chains including Frankie & Benny’s, Bella Italia and Banana Tree.
The restructuring plan, which was approved by the majority of the company’s creditors, will wipe out debts of around £37 million owed to one of Iguanas Holdings’ creditors and see Big Table inject £3 million into the company as part of a “turnaround strategy”.
It will also lead to reductions of some of its rents being “imposed” on landlords and the “compromise” of some debts owed to them.
Mr Justice Meade sanctioned the scheme at the end of the hearing in London. Mr Perkins told a previous hearing that the UK casual dining sector had suffered “substantial problems” in recent years because of high inflation, reduced customer spending and increased taxes.
He continued that despite Iguanas Holdings and Big Table “improving the Las Iguanas menu and customer experience”, trading conditions “remain very challenging” and that Iguanas Holdings lost nearly £10 million in the 2025 financial year.
The barrister also said that the company would “simply run out of money” if the plan was not approved, with a judge allowing the company to take the scheme to be voted on by creditors last month.
In court on Friday, Mr Perkins said: “There are some creditors who voted against (the plan), but none of these creditors appears before your lordship today to contend that the plan should not be sanctioned.”
He continued: “No creditor, even the ones who voted against, has suggested that there is any alternative or better deal.”
The barrister added that the restructuring plan was “similar” to that seen with other high-street chains in recent years, including Poundland, River Island and Revolution Bars.
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