Las Iguanas' 44 restaurants in the United Kingdom are at risk of closing
Credit: Alex Burstow/Getty
NEED TO KNOW
- Latin American restaurant chain, Las Iguanas, is reportedly at risk of closing all 44 of its restaurants in the United Kingdom
- The company reported a $13,500,000 loss in 2025 and owes $50,000,000 to one of its creditors
- Creditors will vote on May 28 to approve a plan that includes rent reductions and debt agreements
A restaurant chain in the United Kingdom is reportedly at risk of closing its restaurants.
Iguanas Holdings Limited, which operates 44 Las Iguanas restaurants across the U.K., is set to launch a restructuring plan after facing financial difficulties, according to The News International, Swindon Advertiser, The Street and Rolling Out.
Las Iguanas is a Latin American restaurant that serves Mexican and South American dishes.
The High Court judge, Justice Hildyard, gave approval for creditors to have a meeting about the restructuring plan, according to The News International.
This came after Iguanas Holdings Limited's attorneys told the High Court on May 6, 2026 that the company had "fallen into financial difficulties", per Swindon Advertiser.
They added that the dining industry had faced "substantial problems" in recent times. Although Iguanas Holdings and its parent company, The Big Table, had done "their best to meet these problems,” business operations continued to remain "very challenging,” per Swindon Advertiser.
PEOPLE reached out to Las Iguanas, the High Court of Justice and The Big Table for comment.
"We are pleased that the Court has allowed us to proceed with the next steps of the proposed restructuring plan. It is disappointing that some of the media coverage relied on unnecessary sensationalism and, in some cases, did not accurately reflect the details of the plan," a rep for Las Iguanas told PEOPLE in a statement. "Our focus remains firmly on supporting our teams and ensuring all of our sites continue to trade, which we fully expect to continue."
Credit: Jeffrey Greenberg/Universal Images Group via Getty
Never miss a story — sign up forPEOPLE's free daily newsletter to stay up-to-date on the best of what PEOPLE has to offer, from juicy celebrity news to compelling human interest stories.
Ryan Perkins, Iguanas Holdings' barrister, revealed that the company lost almost $13,500,000 in the financial year of 2025, according to court documents obtained by PEOPLE.
Perkins added that it was only due to the support of The Big Table that Iguanas Holdings could continue trading.
The company could therefore go into bankruptcy if a restructuring plan isn't approved.
On Thursday, May 28 creditors will be able to vote on the proposal, enabling the court to give a final approval on June 5, per court documents obtained by PEOPLE.
Credit: Victoria Jones/PA Images via Getty
The proposal for the plan consists of requests for a decrease in rent and new agreements regarding debts.
The Big Table Group has also said they will provide around $4 million for the company while placing a stop to current supply of funds for the company's losses.
Perkins also said in written submissions that the new plan would erase debts of approximately $50,000,000 owed to a creditor.
The number of restaurant insolvencies in the U.K. has jumped 46% in the last year as rising costs and a downturn in consumer spending pummel the hospitality industry, according to Insolvency Service numbers, Perkins said, per The News International.
National Restaurant Association Chief Chad Moutray added, "We've seen overall labor and food costs go up 35% since the pandemic. But it's not just those costs. We've seen insurance and taxes and everything else go up, utility costs, et cetera."
Read the full article here
