London, May 11, 2026, 09:17 BST
- Las Iguanas’ restructuring plan heads to a creditor vote on May 28, following a green light from the High Court.
- The plan targets roughly £37 million in loan-note debt and aims to trim lease expenses across the chain’s 44 reported sites.
- Big Table Group says its restaurants are still operating. But if they can’t secure approval, the business could be driven into administration.
The owner of Las Iguanas secured High Court sign-off to present a restructuring proposal to creditors, putting the UK Latin American restaurant group’s fate in the hands of a creditor vote scheduled for later this month, with a potential court sanction hearing expected in early June.
It’s significant at this point because the plan aims to prevent Iguanas Holdings—the part of Big Table Group that controls the chain’s leases—from slipping into administration. In the UK, administration hands control of a company to an appointed specialist who tries to salvage it, sell it off, or find a more favorable outcome for creditors.
The plan aims to wipe out or reduce about £37 million in loan-note debt, while also pushing for new lease deals with landlords at an estimated 44 locations across the UK. Creditors have a vote scheduled for May 28. If 75% approval comes through, a court sanction hearing is lined up for June 5.
Big Table Group wants to put £3 million into the brand and overhaul the leasehold portions of its business. It has dismissed suggestions of an impending collapse, stressing that it’s prioritizing support for staff and keeping locations open.
Las Iguanas Holdings—the entity holding the chain’s property leases—is at the center of the plan, according to Restaurant. Staff and suppliers, however, are part of the parent, Big Table Group. That separation is key: the court process is targeting the leases and debt, not forcing the brand to halt trading or shut doors right away.
Alan Morgan, CEO of Big Table, called the court application “a proactive move” aimed at protecting the brand, Business Sale reported. The company indicated major site closures aren’t likely as part of the restructuring. Still, Restaurant noted some locations could end up shuttered. Business Sale Report
The danger hasn’t vanished. Nick Stockley, partner at Mayo Wynne Baxter, told The Caterer that while the plan allows Las Iguanas to keep operating, he cautioned that the approval could “simply delay its eventual demise.” The Caterer
Las Iguanas booked a pre-tax loss of £3.4 million for the year to Oct. 27, 2024, blaming slower spending by younger customers and falling alcohol sales in its drink-focused restaurants. The chain said demand for bottomless brunches and celebration nights held up during weekends and key events, but saw a dip in business outside those peak periods.
Las Iguanas, launched back in 1991 in Bristol, is known for Mexican and South American-style dishes and cocktails. On its website, the chain lists locations in big cities like Birmingham, Cardiff, London, Manchester, and York. It operates under the umbrella of Big Table Group.
Big Table’s reach goes beyond Las Iguanas—it also owns Bella Italia, Banana Tree and Frankie & Benny’s, so the group commands a bigger footprint. For the year ended Oct. 27, 2024, the company reported group EBITDA of £13.9 million, referencing earnings before interest, tax, depreciation and amortisation.
Rent’s another pain point. Kristine Ng, partner at Morr & Co, points out that plenty of restaurants locked in leases back when business was brisk, so those “fixed rent levels” are now clashing with thinner crowds and rising expenses. Business Sale Report
Restaurant insolvencies in the UK have been climbing for years now, pressured by mounting wage, food, energy, and debt costs—challenges that owners can’t always shift onto customers. “Many restaurants were struggling to keep their heads above water,” Paul Maloney, associate director at Mazars, told City AM. City AM
May 28 is the next key deadline. Should creditors approve the plan and the court give its sign-off on June 5, Las Iguanas would gain breathing space—resetting both rents and debt. If support falls short, the company has cautioned it could run out of funding to keep operating, raising the specter of administration once again.
