Las Iguanas wins court approval to advance restructuring plan

Bristol-founded Latin American restaurant chain Las Iguanas has received High Court approval to proceed with a restructuring plan that proposes to write off approximately £37 million in loan note debt and renegotiate lease terms with landlords across its 44 UK sites.

The Restructuring Plan
The plan was filed by Las Iguanas Holdings, the entity within Big Table Group that holds the chain's property leases. On 7 May 2026, the High Court granted permission for the restructuring to advance to the next phase - a creditor vote scheduled for 28 May 2026. A sanction hearing is set for 5 June 2026. For the plan to be confirmed, creditors must vote in favour by a 75% majority.

Big Table Group, the Epiris-backed operator that owns Las Iguanas alongside the Bella Italia and Cafe Rouge brands, has committed a £3 million capital injection into the business as part of the restructuring. The plan also seeks revised rental terms with landlords across the chain's estate.

The company has stated it does not anticipate significant site closures as a result of the restructuring, and that existing teams and supplier relationships will continue under the Big Table Group structure.

A spokesperson from Big Table Group said: "We are pleased that the Court has allowed us to proceed with the next steps of the proposed restructuring plan." Chief executive Alan Morgan described the court application as "a proactive move aimed at safeguarding the future of the brand."

Las Iguanas Holdings reported a pre-tax loss of £3.4 million for the year ended 27 October 2024. Big Table Group attributed the financial pressure to the impact of the cost of living crisis on consumer behaviour, noting reduced discretionary spending and a decline in alcohol consumption among its target demographic of 18 to 35-year-olds.

The chain is listed as a guarantor on approximately £37 million in loan notes, which the restructuring plan proposes to write off or substantially reduce. Big Table Group described earlier media coverage of the chain's financial position as containing "unnecessary sensationalism," stating that trading operations have continued across all sites throughout the process.

Las Iguanas was founded in Bristol in 1991 and joined what was then Casual Dining Group in 2015. The chain operates 44 restaurants across the United Kingdom, serving Latin American-inspired food and cocktails. Big Table Group, which is backed by private equity firm Epiris, also operates the Bella Italia and Cafe Rouge brands.

The restructuring plan's viability depends in part on renegotiating lease terms with landlords, many of whom agreed rents when trading conditions were stronger. Kristine Ng, partner at law firm Morr & Co, said the pressures facing Las Iguanas reflect a wider adjustment across the retail and leisure property market.

"Many restaurant leases were agreed when trading conditions were stronger and today fixed rent levels can sit uncomfortably against changing consumer habits, higher operating costs and softer footfall," she said. "In practice, that means some rents agreed in better times are no longer sustainable."

Ng said that landlords and tenants across the sector are weighing flexibility, restructuring or exit against the risk of standing empty units. "Once a location closes, it brings ongoing financial and operational consequences and can be difficult to bring back into active use," she said.

She added that forcing an operator into insolvency can have far-reaching consequences for landlords as well as tenants. "For tenants, restructuring can provide breathing space to stabilise trading, preserve jobs and focus investment on sites that still work. For property owners, early engagement can sometimes protect income and long-term asset value even where terms need to change."

Ng said the market is in a period of structural adjustment, with stronger locations adapting and weaker sites falling away. "The emphasis has shifted towards finding workable solutions that keep spaces occupied and trading," she said.

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