Las Iguanas, the restaurant chain that has a huge number of restaurants across the UK, is now facing a difficult situation. The lawyers of the company have already opened up about the difficulties that the restaurant and cocktail bar chain is facing at the current moment.
There has been an array of problems. The restaurant is now facing an issue of bankruptcy, which could lead to a grim ending for the chain. Here’s all about it.
Speculations about Las Iguanas going bankrupt
The lawyers of the company, which runs the 47 Las Iguanas restaurants, have noted that there have been “financial difficulties” into which the restaurant chain has “fallen.” A restructuring is essential to make sure that Iguanas Holdings can have a “turnaround.” One of these requests includes the reduction in the rent for some of the locations of Las Iguanas. There are multiple “Substantial problems” that have eventually led to this devastating situation for the chain, especially the casual dining sector of the chain, which has faced much of the impact.
The company is looking forward to doing their best so that they are able to successfully avert this situation. In 2025, the company has lost a huge sum of money, which has also added to the current situation. Unless the company goes through with the restructuring, there will be “no funding to continue trading”.
The restructuring is crucial, as without it, the 47 Las Iguanas restaurants are going to be closed. The plan for the restructuring has already been requested so that the creditors can vote. The barrister has also noted the details of the restructuring scheme, indicating that the scheme will be able to clear the debts that Las Iguanas is facing of a huge sum of money. The Big Table will also be injecting a sum of money into the company as part of the strategy of restructuring, which can also lead to a positive outcome.
There will be a certain “compromise” in the debts to the landlords of the locations. Mr. Justice Hildyard has also added in the ruling that he is “content” and will approve the proposal. The meeting with the creditors is set for May 28. After the vote is done in favor of the planning, the High Court will be the next step forward. The High Court will be approving the plan at a “sanction hearing”.
This “sanction hearing” will happen on June 5. Besides this restaurant chain, which is already in a difficult situation because of the “financial difficulties” there are many other companies in the UK that have already closed down. It has not been an easy path for the businesses, especially in early 2026, which has brought forth many difficulties for the companies, such as Las Iguanas.
Some of the companies that have closed in this year are LK Bennet, River Island, Primark, Poundland, Franco Manca, etc. There are some companies that are now in administration, such as Moores, Quiz, etc.
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Edited by KOUSHIKI ROY